Property Management & Real Estate Glossary
24 hour Notice to Enter
Landlords should give 24 hours’ notice to enter property. This is done by sending an email or text message with the date and time of access, which ensures landlords will have their properties entirely prepared for renters when they arrive.
Assignment of Rent
The Assignment of Rent is a legal contract that enables the lender to collect rent if you default on your mortgage. It must be signed by both the borrower and lender when renting out property.
Cash on cash is a rate of return, used by investors to calculate the return they make when buying property. It measures the ratio of annual income made by a real estate investor to the amount of mortgage paid during the same year.
The Certificate Of Occupancy is a legal document that ensures the building’s integrity and safety.
It’s necessary for several reasons, including making sure there are no leaks or other structural issues with the building in question and ensuring all safety standards have been met on site as well.
The certificate of title is a legal document that identifies the owner(s) and their property.
It allows you as the owner or prospective buyer peace-of mind that there are no outstanding debts against them, so it’s time for excitement.
The co-applicant is an individual who can add their voice to that of another party, such as in underwriting and approval.
The legal action undergone by a landlord in order to remove tenants who are not fulfilling their end of the deal.
The eviction notice is a legal document for landlords and property owners to start the process of evicting someone from their home.
The Fair Housing Act is a federal law that protects your right to live anywhere you want without being judged by who are or what faith practices. It also ensures religious freedom, which means no one can force their views on others through housing policies.
The month-to-month lease is an agreement that can be set up between landlords and tenants, establishing occupancy without a specific end date for either party involved .
Rent control is a program created by the government with the intention to reach more affordable rental housing in some states and protect tenants living in rental units with higher rents. Here, the local government places a limit on the amount the property manager can charge for the tenant’s rent. Additionally, these rent regulations may place a limit on how much the manager can raise rents.
Renters insurance is an important type of insurance for anyone who rents their home. This type of insurance can provide coverage for your belongings, liability, and even living expenses if you have to evacuate your home due to a covered event.
A security deposit is a sum of money that tenants give their landlords or property managers. Keep in mind that the tenant’s security deposit must be paid in addition to advanced monthly rent and other factors.
These resources are for informational purposes only and should not be construed as legal advice. Landlords and Tenants are encouraged to seek specific legal advice for any of the issues as found in this blog.