Owning rental property can be a profitable endeavor for a Tennessee investor, but there is also the potential for loss and complications. In order to prevent issues along the way, it is prudent for a landlord to understand the specific duties and responsibilities of those who own rental property. Understanding expectations can prevent disputes with tenants and ensure that one shields his or her property interests long-term.
Obligations for tenants and rental property
Simply renting the property to a tenant is only one of the many things required of landlords. Essentially, a landlord is a small business owner, and it is essential to know how to manage the company. Some of the specific things required of landlords include the following:
- Landlords are legally required to maintain safe premises, including fixing issues or addressing hazards in a timely manner.
- Landlords have to properly maintain common areas, which includes ensuring there is adequate lighting, safe parking lots and more.
- Landlords must respect the privacy and property rights of their tenants, and they have to give notice if they must enter the residence for repairs or inspection.
Before stepping into this role, a landlord will benefit from an understanding of his or her legal obligations.
Protection of long-term interests
When a dispute arises involving a tenant, a landlord’s legal and financial interests are at stake. Prevention of issues is key, starting with an assessment of the specific situation and careful review of responsibilities. It may be helpful for a Tennessee landlord to seek the guidance and support of an experienced real estate attorney.