Investing in rental property at the Lake of the Ozarks has become a very popular way of creating an income stream. The housing market is in need of rental properties, and being a landlord at Lake of the Ozark can be a great way to earn income. If you have ever considered buying property at the Lake of the Ozarks for rent, it is good to know about some of the legal issues that will be involved in renting property. The more educated and prepared you are when it comes to legalities, the easier it will be for you to avoid losses or lawsuits. If you are a landlord or are thinking about getting into the business, in today’s blog we would like to share a few ways that having an experienced landlord-tenant lawyer at Lake of the Ozarks can help protect you and make things better for your tenants, as well.
It’s important for all parties involved that the expectations are clearly outlined. Tenants need to know what their rights and responsibilities are and landlords do too. When those rights and responsibilities are mutually understood, it is easier for you to enforce and for your tenants to comply. Your contracts may determine exactly what you’re able to enforce and how. So, it’s important that you position yourself in the best way possible in case an enforcement issue come up. The agreement should be clear and specific, it should outline exactly who the tenants are, the terms of the lease, payment amounts and when they are due, deposits, fees, or fines, etc. You can trust our law firm in Lake Ozark to know just what needs to be included in your lease agreement and how it should be worded to protect you as a landlord.
Unfortunately, tenants are not always respectful of the property they are renting. If you suffer significant damages because of your tenants, having a tenant-landlord attorney look at your situation will help you know if you have a case and how to go about receiving compensation. On the other hand, you may have a situation where your tenants are claiming their property has been damaged due to negligence or some issue with the property like a leaking roof. Again, a knowledgeable attorney will be key to helping you understand your liability and whether or not your tenants have a case.
Injury or Illness
It can be a very scary situation to be in if you are accused of negligence that has led to an injury or illness. If your tenants are injured and believe it’s because you have failed to provide a safe and hazard-free home, you want to take that seriously. Your attorney at Lake of the Ozarks can help you understand what your responsibilities are, and whether or not the injury was due to your negligence or the fault of the person who was injured. They can also help represent you and protect your rights in the event of a court case.
Having to evict a tenant is usually a very sad and stressful situation. If you have to take that step with one of your tenants, it’s important that you do it correctly. Both you and your tenants have certain rights, and it is important to understand the process and the steps you need to take in order to evict someone the right way. An experienced landlord-tenant attorney can show you how to do it legally and effectively.
Let Gibbons Law Firm be Your Partner in the Rental Business
Of course, this is not an all-inclusive list, but a reminder of some common legal issues that you might face as a landlord. We hope you found it valuable to understand how having an excellent attorney in mid-Missouri could be helpful to you. We encourage you in your journey to becoming a landlord and want you to know we are here to help. At Gibbons Law Firm, your initial consultation is free, so don’t hesitate to reach out to us. We look forward to hearing from you. If you would like to hear more legal tips and information from our law firm at Lake of the Ozarks, feel free to follow us on social media using the links below.
Remember, your initial consultation with Gibbons Law Firm is always free.