How much will your home rent for?
Laws about rental housing are established to protect all the parties in the landlord-tenant relationship. As a property manager, you need to know the local, State, and Federal regulations and abide by them to avoid being on the wrong side of the law. This can cost you both business and your reputation, which can be hard to recover.
As soon as you understand that tenants want to live peacefully in a rental home and protect their rights, your relationship with tenants as a property manager will be smooth and fruitful. Here are some home ownership laws in Medford Oregon that you need to know for you to have a resourceful career and happy clients:
This is one of the primary Federal Landlord-tenant laws that applies to all States in America. The Fair Housing Act prohibits any discrimination due to race, color, religion, national origin, disability, or sexual orientation. This law extends beyond leasing to the advertising of your house only to specific groups of people.
This is also a Federal Law that binds every homeowner within the United States. It dictates the ways a property manager may use a tenant’s credit history to deny or give them the property.
Under this law, the landlord must get permission to access any applicants credit details, provide information on the credit report agency used to draft the credit report and finally inform the client if his /her credit report was the basis of denying them a house.
Oregon State laws do not limit the amount of money a landlord can charge for deposit to a tenant. However, it prohibits the landlord from raising the security deposit within the first year of the tenancy unless both the landlord and the tenant agree.
State law does not also limit the period within which the deposit should be returned. Most landlords put it at 31 days after the tenant moves out of the property. There are many more restrictions set on security deposit that you can check at with Oregon Security Deposit Limits and Deadlines page on the State website.
This is another Oregon State law that is critical. It allows tenants to sue landlords in a small claims court for the return of their deposit up to a total amount of 10,000 Dollars. As a landlord, you must be ready to tackle such a security deposit dispute when a tenant files a complaint.
You also need to know about Medford, Oregon, late fees law. It sets clear rules on when a tenant can pay overdue fees. It is usually a maximum of 3 days before a landlord can file for eviction or the tenant to move out if they fail to pay in time as agreed at the beginning of a tenancy.
Homeownership Laws in Medford, Oregon may allow tenants to withhold rent during certain circumstances. For example, a tenant may withhold rent by exercising the right to repair and deduct whenever a landlord fails to take care of important repairs such as leaking pipe or floor. For more specifics, you can visit Oregon Tenant Rights to Withhold Rent or “Repair and Deduct” Laws on the State’s website.
The Oregon landlord-tenancy laws put clear the situation when a landlord may terminate a tenancy. For example, a landlord is allowed to give a tenant who has caused significant damage to his property as little as 24 hours to vacate his premises.
Moreover, if the landlord intends to upgrade the house, then he can give a notice of at least three months. This is to give the client enough time to look for a house to move into.
Oregon has many other landlord-tenant laws that are also important to know for successful property management. Federal laws such as the Fair Housing Act and the Fair Credit Reporting Act are very crucial to understand if you intend to be a great property manager. If you get responsible tenants who understand the property laws, then you have an easy time as a landlord. If you want to learn more about homeownership laws in Oregon please visit us!