Owning real property can be a great way to secure your financial future. However, being a landlord does take work as well as a knack for caring about details. What should you know about your legal obligations as a landlord before renting for the first time?

Make Sure That Everything Is Written Down

It is critical that you write down any agreement between yourself and your tenant. While a verbal contract is enforceable in most cases, it is a lot harder to prove what the agreement actually contained. It is also important to document any issues that the tenant had and what you did to resolve the issue. Finally, be sure to conduct an inspection of the premises before and after the lease ends that has written notes and pictures to confirm its condition at both points in time.

Make Sure To Hold The Security Deposit In A Segregated Account

The tenant's security deposit is supposed to be held in an account that accrues interest. At the end of the lease, the tenant is allowed to get his or her original deposit plus interest. If you choose to hold back the deposit to make repairs or for other legal purposes, you must provide written notification as to why this is being done.

Don't Enter The Premises Without Proper Notice

While you have the right to enter the premises to check on the condition of your property, you cannot do so without advance notice. Ideally, you will give at least 24-36 hours to give your tenant time to prepare if necessary. It is also a good idea to schedule an inspection when the tenant is not home.

Hire A Professional Property Manager

To ensure that you are performing your duties as a landlord in accordance with the law, it may be best to hire a professional property manager. This person or entity will screen applications, handle maintenance calls and collect rent. Using a professional property management company, like Calibre Real Estate, should be considered mandatory if you have properties in cities or countries that you don't live in or spend a lot of time in.

A landlord has many responsibilities to his or her tenant. For those who aren't organized or don't want to handle issues that they are responsible for, a professional property management company may be worth hiring. This makes it easier for a landlord to buy profitable apartments or homes without worrying about running afoul of the law.