Property Management/Leases
Who is a Landlord?
A
landlord, or landlady, is the owner of a house, apartment, condominium, or
real estate property which is rented or leased to an individual or
business, who is referred to as the
tenant.
In the United Kingdom
the manager of a public house is also known as the landlord or, more
formally, the licensed victualler. A female landlord can either be known
as a landlady or simply landlord. When a legal person is in a similar
position, the term landlord is used. Other terms used in this connection
are lessor and owner. The tenant can also be referred to as a lessee or
renter.
In the United States of
America, disputes between landlords and tenants are primarily governed by
State and not Federal law, when it is regarding property and contracts. In
certain places, State law and city law or county law, sets the
requirements for the eviction of a tenant.
Generally, there are a
limited number of reasons why a landlord can evict his tenant before the
tenancy has expired, although at the end of the lease term, the rental
relationship can casually be terminated without giving any reason. Some
cities have laws establishing the maximum amount as rent that a landlord
can charge to a tenant, known as rent control and just-cause eviction
controls.
A rental agreement, also
known as the lease, is the contract defining terms such as the price paid,
the length of the rental or lease, penalties for late payments, and the
amount of notice required before either the landlord or tenant cancels the
agreement, etc. In general while the landlord is responsible for any
repairs and maintenance that may be required, the tenant is responsible
for keeping the property safe and habitable.
Landlords usually take
the help of a property management company to take care of all the details
pertaining to renting their property out to a prospective tenant. This
normally includes advertising the property as well as showing it to
prospective tenants, and then, once the rent agreement has been sealed,
collecting rent from the tenant and performing maintenance and repairs as
and when necessary.
The terms 'slumlord' or
'ghetto landlord' are sometimes used to refer to the owner of dilapidated
buildings in down-market urban areas. As a result of declining demand and
real estate prices, these landlords are often left with totally
unprofitable properties and find that they are unable to pay for
renovation as well as regular maintenance of their property. The situation
in many run down American slums became so desperate that landlords were
getting down to drastic measures like setting their own buildings on fire
in a bid to collect on the insurance policy.
