The laws and regulations in Orlando governing property management need to be understood if you want to be an effective landlord. Property management is regulated differently in every state. In Florida, we are regulated by the legislature and local municipalities, which will either be a city or a county, depending on where you live.
Property Management Orlando: Florida Statute 83 Florida
Statute 83 is referred to as the Tenant Landlord Act. This itemizes all your rules and responsibilities, which you need to know. Start there when becoming a landlord so you understand what’s required. Read this act from start to finish and make sure you use a lease that is approved by the Florida legislature and applicable to this state. It should be itemized in a way that is legal and compliant.
Legal Pitfalls: Security Deposits
Some of the pitfalls that many people face in property management revolve around the security deposit. It’s critical to know the process for returning someone’s security deposit, and you also need to know how it’s to be held. In Florida, the security deposit can be held in an interest bearing or non-interest bearing account. You have to list on the lease where and in what matter you’re holding the deposit.
Rental Property in Winter Park and Orlando: Documentation
Document the condition of your property before the tenant’s move in. Use a checklist, video, and pictures. Be aware of every blemish, and document the complete condition of the property. This way, when a tenant moves out and you need to deduct money from the security deposit, you are prepared. You also have to send an itemized bill within 30 days. Then, they have 15 days to dispute the action. If you and the tenant cannot agree, you’ll go to small
claims court. There, whoever wins has their legal bills paid for by the loser. So you want to make sure you’re right. Always talk to an attorney or a property manager, and make sure you’re familiar with Statute 83.
The Tenant Landlord Act talks about a lot of issues, from property condition and screens to heat and wind and the tenant’s required notice period. It also covers penalties you can impose on broken leases. If you have any questions about that law or anything pertaining to Orlando property management, please contact us at Morehouse Realty.
