There is no denying that renting out your property can be a profitable business. At the same time, being a landlord isn’t as easy as you might have imagined. From immovable tenants to liabilities, there are plenty of legal troubles to potentially contend with.
The good news, though, is there are plenty of ways to sidestep such issues. Therefore, if you are interested in protecting yourself from a legal point of view, here are the steps that you should take:
Hire Legal Assistance
As mentioned, there are so many legal angles that you have to balance as a tenant. Due to this, it is quite easy to land yourself in trouble simply by not being aware of the law. To ensure that you are following the law at every single turn, it is a good idea to hire a suitable attorney. This way, you can a professional helping you through the process.
Of course, you shouldn’t hire the first expert that you come across. Instead, make it a point to consider a firm such as Horlick Levitt Di Lella LLP – landlord lawyers in Ottawa as they have quite a bit of experience in this field. As such, they will be able to help you with any kind of circumstances that may transpire.
Have a Non-Discriminatory Vetting Process
When selecting a tenant, you do need to make sure that you are choose someone who is financially stable enough to pay rent every month. At the same time, you need to prove that you are giving each potential tenant the same opportunity. Otherwise, you could be accused of discrimination.
To avoid this, make sure that you put each tenant through the same vetting process. This could include credit checks, background checks, etc. As long as you take identical measures for every person and make a decision based on the information that you find, you can be certain that you aren’t leaving yourself open to legal action.
Construct a Clear and Thorough Contract
It is important to have a legally binding tenancy contract as it can prevent misunderstandings between both parties. This is why it is a good idea to speak to an attorney before writing the contract. They can give you a good idea of what you should include to cover all your bases.
You should also take the time to go through the contract with your potential tenant. Make sure that they sign on every page and in all relevant places. This way, you have proof that your tenant had prior knowledge of all the information mentioned in the contract.
Provide Written Confirmation of All Changes
Now, there is a good chance that you may need to increase the rent, request fees, or make other changes to the tenancy contract. In this instance, make sure to provide your tenants with written confirmation. You should also do this in a timely manner so that they are given enough notice. Any and all changes must be in compliance with the local laws.
These are the main ways to legally protect yourself as a landlord. Follow these instructions and you shouldn’t have any trouble with your tenants in the future.