Ask The Following Questions, Find The Answers To Be A Successful Landlord – Part V

Ques. 16. In a hypothetical scenario, suppose your tenant holds a party and, it so happens a guest falls on some broken patio steps and suffers a sprain or fracture, or perhaps a roof tile falls from the roof of the rental premises, hits his / her head and causes concussion. On recovering, the guest sues the landlord. In this case, can the landlord be held liable?

Ans. Yes, since the property belongs to the landlord. However, the landlord’s insurance policy should be able to cover the loss in keeping with the policy limit.

Ques. 17. If, a landlord decides to form a corporation, in order to put his / her rental property in the corporate’s name, dependent on the tax situation, which of the following types of corporations should he / she opt for i.e. Chapter 7 corporation, or Sub-chapter 11 corporation, or Chapter C corporation, or Sub-chapter S corporation.

Ans. Of course, he / she should opt for the Sub-Chapter S corporation type.

Ques. 18. What is the best way for a landlord to decorate his / her rental property, in the popular look of the moment, simply in beiges and whites letting the tenant do the rest, or using lots of colours, or decorating it to his / her own taste?

Ans. It is best to keep the colour scheme neutral, using plain beiges and white, since taste is a subjective matter.

Ques. 19. What measures should a landlord take to determine his / her rental price?

Ans. To determine the value of a property, one needs to know what other comparable properties in the area are commanding. As well, factors, such as location, views, building amenities, whether comparable units are furnished / unfurnished, etc. etc. should be taken into consideration.

Ques. 20. Suppose, a landlord signs a Pets Allowed lease, and even takes a pet deposit, only to have the president of the condominium association, who on seeing his / her tenant’s pet inform him / her that pets are not allowed in the building. What is to be done, in this eventuality?

Ans. Rules of the condominium association must be obeyed by the tenant, who will either have to remove the pet, or declare the lease null and void.

Landlords, should make themselves cognisant with all rules and regulations before drafting a lease, and must take all necessary precautions, such as, screening tenants and conducting background checks on prospective tenants, including ensuring all promises in the rental lease are adhered to, as their insurance for a litigation free landlord / tenant relationship. A simple click of the mouse and any landlord or property manager can visit www.e-renter.com for tenant screening and background check services. www.e-renter.com, the best tenant screening agency in America!