Just like real estate sales years ago, when an Offer to Purchase was only one page with no addendums or disclosures, Rental Agreements and Property Management has become more complex. Although, the Rental Agreement put out by the California Association of Realtors incorporates many of the required disclosures i.e. Megan's Law, Lead Base Paint, etc., it is still necessary to give tenants the information regarding the hazards of lead based paint, asbestos, and mold and make sure the tenant signs as to having received them. Just leaving out the lead disclosure, if discovered by the EPA, can result in a $10,000 fine so you want to have all your proverbial "ducks in a row."
Did you know that your allowed to collect up to $33 per person to use as tenant screening fees but you are also legally obligated to give the potential tenant a receipt for the funds received? That receipt needs to include date, property address, tenant's name and signature plus landlord's name and signature, and an itemized accounting of how the funds were used. If the person paying for the credit check requests a copy you are required to give him/her one.
If you reject a potential tenant based on their credit rating you are obligated to provide them with a form citing the fact that they have been rejected for that reason. The form should include the credit bureau you based this information on and an address where the tenant can dispute this information.
As if 7/1/98 you are legally obligated to provide deadbolts and locking devices on all exterior doors and windows. This if left undone, can be construed as a habitability issue and used as a defense by the tenant in the event of an unlawful detainer.
These are just some of the time consuming details regarding current property management if you want to do it legally and professionally. Do you have time to deal with these issues and keep your own personal and professional life on track? Do you have time to listen to how "the dog chewed up my rent" or how the toilet got stopped up "accidentally" by the beer can? Did you know besides keeping you from having to put up with these issues property management would be a tax write off to you?
With just a phone call you can turn the annoying business of rental management over to the management professionals, Cal-Prop Investments & Management. Give us a call today 858-483-3534. Please ask for the Marketing Director, Tani Means at extension 11.
Take back your life. We will be waiting to hear from you.