Perhaps you are moving and want to keep your former house and rent it out. Maybe you found a good deal on a house here in Delaware and decided to buy it and rent it. Whatever your circumstances may be, there are several legalities that you should be aware of as a residential real estate landlord.
After you get the house ready, do you just put a sign up in the yard and an ad in the paper and online? Without having some sort of standard lease agreement and process for choosing applicants, that could be a mistake. Having “have a good feeling” about someone may not be enough to ensure that you will receive your rental payments on time and not end up with a damaged rental property.
Once you have a tenant, you may need legal advice if your tenant is not following the provisions of the lease. If it turns out that you need to evict a tenant, you are required to follow specific legal steps in order to do so. If you attempt to go it alone, you could find yourself paying for your tenant’s legal fees or more.
When it comes to renting houses, it would more than likely be in your best interests to protect your rights. After all, you are trusting a piece of property worth tens of thousands of dollars to another person. In addition, you will also need to understand your legal responsibilities to your tenants. Therefore, before you embark on what could be a satisfying and profitable arrangement, you may benefit from talking to a Delaware residential real estate attorney.