Ok, you bought a home, and now you want or need to move, but are unwilling to take a loss on any real or paper profits. As such, you now have decided to become a landlord. And while this is a viable option, you definitely want to make certain that you are aware of the legal requirements associated with this decision. Many jurisdictions require you to register your property with the local rental registration department, get the property inspected by a home inspector to make certain all systems are working and that there are no safety issues (Baltimore County), get the property lead inspected if it was built prior to 1978, have hardwired smoke detectors, and have carbon monoxide detectors installed. Failure to do any of these requirements can result in penalties levied from your local jurisdiction, as well as open you up to serious legal issues. Each local jurisdiction has manuals that govern landlord/tenant requirements and rights and these can be downloaded for your review.
Published on 2015-07-28 10:37:53