Making the best of being a Landlord
YOUR RIGHTS AND RESPONSIBILITIES
The accumulation and deployment of passive income has been identified as one of the means through which people build wealth; One sure way of achieving this is particularly investing in property for the purposes of leasing or renting out. This puts you in a position to receive periodic payments from an asset that will also appreciate in value. However, being a landlord has its own set of challenges which can cause problems if left unaddressed. The ability to tackle these challenges will depend on your knowledge or where you stand as a property owner, your rights and responsibilities, So, what are these rights and responsibilities?
RIGHTS
The right to own property in any part of the country subiect to the consent of the federal or state authority, as the case may be.
Right against compulsory acquisition of property by the government or another citizen for private use.
The right to compensation in the event of an acquisition of property for public use.
The rant to issue a notice to quit to a tenant
The right to issue a 7-day notice after a notice to quit has expired.
The right to enter a let property even though while it is occupied by a tenant.
The right to renew or not renew tenancy.
The right not to reimburse a tenant for repairs done while occupying the property.
The right to review rent at the expiration of an existing tenancy.
RESPOSNIBLITIES
The responsibility to not discriminate against potential tenants on the grounds of ethnicity, gender, race, religion and so on.
The duty to keep to the terms and conditions of the tenancy agreement.
The responsibility of keeping the property safe and secure.
The duty of ensuring that the property is vacant, safe, clean, and safe on the day that the tenant moves in.
The duty to make sure the property is free of health hazards of any type.
The duty to allow the tenant space and freedom to enjoy the property without frequent unnecessary visits.
The responsibility to insure the property.
The duty to pay taxes and any other fees that the tenant is not responsible for.
The duty to reimburse the tenants for any repairs they carried out on the structure meant to be carried out by the landlord
