Why Your Rental Property Needs A Real Estate Lawyer - Male lawyer or judge working with contract papers, Law books and

Why Your Rental Property Needs A Real Estate Lawyer

In Uncategorized by Garrett, Walker, Aycoth & Olson, Attorneys at Law

Real Estate Lawyer Bozeman

  1. It is financially wise to utilize a real estate lawyer.

Owning a property, and choosing to rent it out has many benefits for the owner. The primary reason is financial income. Allowing your tenant to pay your monthly mortgage is fiscally responsible and wise. If the rent that you are charging is more than your monthly mortgage, taxes, insurance, and utilities, you will profit each month. An attorney at Silverman Law Office, PLLC who works with real estate law will assist in knowing what to legally charge your tenants each month so you profit. Not only will you gain monetarily, but you will build equity as well. 

  1. Help alleviate emotional stress concerning rental properties with the help of a real estate lawyer.

Although there are many pros of renting out your house or property, there are undoubtedly cons as well. Many are well familiar with the horror stories of poor tenants, and the stress it can place on the homeowner. Some tenants choose to destroy property, fail to pay the rent, or communicate with the landowner. Rest assured, with the assistance of a Bozeman real estate lawyer, you will be able to overcome some of these obstacles. Your lawyer will be able to advocate on your behalf if you face challenges with your tenants. Having legal representation allows you as the homeowner to understand your rights and your tenant’s rights. 

  1. A real estate lawyer will ensure you are following state law.

Each state varies in its laws regarding landlords and tenants. The flexibility around monthly rent may vary as well, allowing a smaller or larger grace area before the eviction process may take place. For example, in Montana, a landlord is within his or her rights to evict a tenant if they choose to not pay rent on time. According to Montana, rent is considered late a day after it is due, and therefore eligible for eviction if the tenant fails to meet the deadline. Contacting real estate lawyer Bozeman, MT will be beneficial as you navigate the proper steps to take before or even during a rent payment dispute. 

  1. Real estate lawyers can provide wise counsel on difficult tenant situations. 

A real estate lawyer may advise the landlord to first communicate with the tenant about why their rent is late, before taking legal action. There may be a reasonable explanation for their delay in payment such as sickness or a family emergency. If the landlord and tenant have already established rapport, this communication may resolve the issue without having to proceed. However, if the tenant is refusing to communicate, and it is continuously late with their rent, it would be advantageous to seek counsel from a real estate lawyer. The landlord must give their tenant a three days notice before eviction after their rent is late. 

  1. A real estate lawyer can assist if there is any illegal activity within your rental property. 

Another way in which a real estate lawyer can help a landlord is if their tenant is up to illegal mischief on their property. If the landowner suspects that his or her tenant is running an illegal operation out of their home, they should seek legal representation immediately. Do not risk your tenant taking you down with them if their illegal activity is caught. A real estate lawyer will help advise the landowner if any damages occur to the property, and let them know what their legal rights are in specific situations.