I Recently Inherited Property Which I Do Not Want To Sell At This Time. If I Decide To Rent The Property, What Will My Responsibilities?

If you decide to rent the property, you will be responsible for keeping the unit in safe and habitable condition, making repairs, selecting tenants and collecting rent from tenants. Once a property is leased, the tenant has a right to use, occupy and enjoy the premises in accordance with the lease or rental agreement. A written lease which clearly sets out the duties of both the landlord and the tenant provides the best protection for both parties. Your actions as a landlord are controlled by the terms of the lease and applicable federal, state and local law. There are a variety of books available at book stores and libraries which describe in general terms the advantages and disadvantages of becoming a landlord. You might also wish to consult with an attorney or real estate agent, experienced in managing rental property, for help in drawing up a lease and understanding a landlord`s rights and responsibilities.

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