A landlord owns property that is rented or leased to someone else – the ‘tenant’ or ‘lessee.’ Both responsibilities and rights for landlords are defined by law – usually state and local codes in the US. Responsibilities for landlords may cover property, contract, and tenant issues.
Rented properties must meet safety requirements and other municipal codes, as well as safe and livable ‘habitability.’ Contract terms including price, late penalties, contract length, and cancellation notice are also frequently defined by law. Likewise, tenant selection, treatment and eviction requirements are often spelled out by applicable regulations.
Landlord responsibilities are different from property ownership. State and local laws define the ‘game rules’ under which landlords and tenants work together. In Florida, residential tenancies are governed by Chapter 83 of the Florida Statutes under what is commonly known as the Florida Residential Landlord and Tenant Act. And, of course, the lease agreement between the landlord and the tenant.
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In case you missed it, check out our last Title Junction post: How Homeowners Should Prepare for an Appraisal