You’ve purchased an income property, made some updates, and created a space that is ready for renters.
But before you hand over those keys, have you checked the laws in Montana guiding landlord-tenant relationships? Have you made sure your interests are protected before signing a lease? Do you know what you would do if a tenant refused to pay you rent? Do you have a lease agreement drafted up that incorporates all of the right protections for you and your property for the state of Montana?
These are just a few of the questions landlords and potential landlords should ask when providing housing for others, and the answers you get can vary depending on where you live. Not only are there federal laws directing landlord and tenant relationships, but state and local ordinances as well.
For example, if a tenant refuses to accept that they will not get their security deposit back, they can take the landlord to small claims court for cases under $7,000. What’s your next move, as the landlord? Montana also has a law that allows tenants to withhold their rent if the landlord isn’t keeping up with key repairs — is this a possibility you’ve considered, and how would you handle it?
Even experienced landlords who have run into their share of tenant issues can hit legal snags, and it is better to be prepared than getting caught in one of these snags. Fair housing rights disputes are a prime example. If a tenant feels they have been discriminated against and takes legal action, there are serious charges that could affect not only that specific tenant relationship, but all of the properties owned by the landlord could be impacted as well.
At Terrazas Henkel P.C., our experienced attorneys know the ins and outs of all the regulations, ordinances, and concerns you may run into with rental and income properties. Let our commercial real estate knowledge guide you so that you can enjoy the rewards of your investment.