There are 7.4 million households in Florida, and 2.6 million are renters. This represents a large demographic of people who pay someone that has invested in rental property ownership. While some of the properties fall under the ownership of large corporate investment groups, there’s also a large majority that private investors own.
If your investment strategy includes owning investment property, then consider consulting with a real estate attorney about your rental property ownership.
Know Your Legal Obligations
The law is constantly changing and evolving. It is a real estate attorney’s job to know about these changes. If you have an ongoing relationship, you can leverage this knowledge to your advantage. For example, when a new law takes effect that could influence your rental ownership, your lawyer can ensure your documents are up to date and in compliance.
Before you make any change to your rental property, you should consult with a lawyer about the legality of your actions. This could be related to your desire to increase the rent, charge a security deposit, or evict someone.
Your lawyer can also advise you of your duties as a landlord. This includes the requirement to return the security deposit during a specific time period and required disclosures to the tenant about the property. Some duties apply during the time when you have a tenant, such as habitability and quiet enjoyment.
Property Purchase and Sale
Investing in rental property can be a valuable source of passive monthly income. This means buying and selling property that presents the profit potential. Because these properties are an investment, it is not like buying your next home. Having a real estate attorney represent you ensures your best interests get represented in the agreement. This can help you from agreeing to purchase a property that is not a smart investment.
Document Management
Where do you store your rental agreements and other legal documents related to your rental property ownership? Having an attorney on retainer can give your property management a sense of professionalism and formalism. Your lawyer will prepare your documents correctly in accordance with best practices, look professional, and have them stored in a safe place. In addition, communications that will be done while purchasing or selling a property will happen through your attorney, reducing your stress throughout the process. They can also submit required documents to the court in a timely manner.
Discrimination Claim Defense
No matter how careful you are, if you own rental property and have tenants for long enough, you will eventually get accused of discrimination. Once a potential, current, or past tenant makes an accusation, you will have to defend yourself. Having a lawyer represent you in this type of case can make the process easier. Your lawyer can present evidence that you do not discriminate against any protected classes by showing your standardized procedures. They will deliver your documents and how they comply with the current landlord/tenant law. You can focus on your daily life while your lawyer prepares any necessary communications, court filings, and attend any required meetings.
Evictions
When a tenant stops paying their rent, it is up to you to follow through with eviction proceedings. This is more complicated than simply showing up with law enforcement and kicking the tenant out. There is a specific process outlined in the Florida statutes that you must follow, in addition to any agreement you have made in the lease. Hiring a lawyer to take care of the eviction process helps keep the process moving through the court system. It also ensures you have a legal and enforceable eviction. Hiring a lawyer reduces the risk of making a wrong decision or action that could delay the process.
Hire Legal Counsel For Your Rental Property Ownership
Whether you own one or multiple rental properties, having an ongoing relationship with a real estate attorney can help you maximize your investment. When you have an ongoing relationship, your lawyer is familiar with your property ownership and ongoing needs. This can help them to give you the best legal advice and guidance. Consulting a lawyer throughout the entire rental property ownership process means you don’t unintentionally limit your legal options by waiting.
Contact our team of skilled and experienced attorneys to discuss how we can help with your rental property ownership.
