A lessor can be anyone who leases commercial or private property. They have ultimate responsibility for their property and must find responsible tenants. A lease agreement is drawn up before the tenant moves in, stating rent, behavior expectations, and liability. Landlords may pay some utility bills and are responsible for repairs. In some places, landlords must give 24 hours notice before entering a rented space. Many property owners shift responsibilities to professional management firms.
Broadly speaking, any individual who owns commercial or private property and agrees to lease or lease it to others can be considered a lessor. An apartment complex or rental home may have a “hands-on” type of landlord, but tenants in retail stores, office complexes, factories, and other commercial buildings also pay regular rent to a landlord. He or she may indeed be the kindly retiree who unclogs the sink, but he or she may also be a Donald Trump-level real estate investor who has little or no contact with individual renters or lessees.
An owner has ultimate responsibility for any property he owns. This means that great care must be taken to find responsible tenants who demonstrate financial stability and respect for other people’s property. In the United States, federal laws prohibit a landlord from turning away an applicant based on race, religion, country of origin, and other protected factors, but can still evaluate the applicant’s credit history, previous rental experience, and general character. The owner also has the right to ask for a security deposit as protection against future damages and as a demonstration of good faith.
Since in the United States a landlord cannot legally enter rental property except under certain controlled conditions, a very specific lease agreement is usually drawn up before the tenant moves out. This lease agreement typically states the amount of rent payable, payment due date, expected behavior of the tenant, and liability of the landlord. In most cases, the owner is responsible for repairs to the property and any permanently attached appliances or furnishings. While many are expert handymen, they can hire outside contractors to handle their tenant’s repairs and complaints.
A landlord may also agree to pay some utility bills, such as water or garbage collection. This provision should be specifically spelled out in the lease. Laws vary widely from state to state and country to country, so renters should learn what rights a landlord does and does not have in terms of access to the property. In many places, this person must give 24 hours notice before entering a rented space. This allows tenants enough time to correct any lease violations or privacy concerns before they arrive. In an emergency, however, a landlord may enter the premises without warning to make the appropriate repairs. He can also enter an apartment to show potential tenants if the current tenant has decided to move out.
Being a hands-on landlord can become an unexpected full-time job. Many property owners shift these responsibilities to professional management firms; a local landscaping service can provide scheduled maintenance of the property, and repairs can be handled by local contractors.
Protect your devices with Threat Protection by NordVPN
