residential property are actually one-offs
Residential property refers to any residential property located within a metropolitan area, which is usually planned around a central business district or an employment centre. Residential property comes in several shapes and sizes and can just include a small portion of a larger residential property intended for rental use. However, residential property can also encompass properties which are not intended as residential property at all. Some examples of this would be commercial property or raw land, for instance. Many properties that are used as residential property are actually one-offs, where the owner sells the property and then uses the funds raised from the sale to purchase a new piece of residential property for themselves. For some people, purchasing a piece of residential property serves the dual purpose of paying off their mortgage, but also as a place to raise a family while they continue to live on the property they have now, or as a vacation home while they are not renting.
Most landlords of rental property will be familiar with what happens when a tenant refuses to pay the rent. In many cases, the landlord has options available, from sending tenants informal notices of non-payment via mail to making court appearances in an attempt to recover the money owed. However, some situations may be less predictable than others. For instance, if the tenant moves out before owing the rent and then never returns, then the landlord must make the difficult choice of holding over the rent or losing the property to the tenant in default of the lease.
the landlord must offer the tenant the opportunity
For these cases, many landlords opt to hold onto the rent until the end of the month-to-month tenancy. The purpose of this is not to force the tenant to pay, but rather to protect themselves in case the tenant does not appear at the lease signing or does not pay the rent. Under these circumstances, the landlord may choose to enter into a ‘short term’ lease with the tenant, whereby the tenant moves out in the event that the rent is not paid on a timely basis. This alternative is useful for both parties: the tenant can move out immediately, while the landlord retains the property until the end of the lease. In the event that the tenant does not pay, however, the landlord must offer the tenant the opportunity to pay either the entire rent owed or, in the case of short term leases, the remainder of the rent (and all fees and penalties) plus additional rent as determined by the landlord.
A’short term’ lease may also include the option for the landlord to raise the rent during the term of the lease. Again, this is very similar to how some commercial leases work: the tenant pays the initial rent and then receives a monthly rent-stabilization increase until the end of the lease. Of course, this situation is more likely to apply to apartments in safe zones than expensive zones, but the principles are the same. Even in expensive areas, landlords may be able to leverage their ability to raise rents past their base fair market value; however, this is not an easy or simple thing to do.
eviction laws are often controversial
Landlords also have the option of eviction to keep tenants from occupying the property, but this is not a popular practice in many neighborhoods. If a tenant is evicted without notice or right of redemption, they cannot regain their rental unit after the eviction. Evictions by eviction laws are often controversial because they are used in areas with higher crime rates. But it is important to note that even if a rental unit is foreclosed upon, the owner has no legal responsibility to allow a tenant back into the property.
The laws regarding rent control and eviction procedures are different in each state. You must state your rights under both of these situations before signing any lease agreement. Your landlord must state clearly what these policies are before you move in. The lease agreement itself is usually sufficient, but you should read the fine print so that you fully understand the implications. In all states, when a lease is terminated by the landlord for nonpayment of rent, the tenant is usually only temporarily removed from the premises. They can stay for as long as it takes to repay the rent and then be evicted if they do not leave on their own.