Required Real Estate Notices, Disclosures and Addendums | Mutual ...

Investing in real estate requires an understanding that you must abide by local, state and federal regulations that guide you regarding the necessary notices, disclosures and addendums that are required.? Failure to follow all of these required guidelines will ultimately result in fines for the violations and potential legal or financial problems.? Knowing ahead of time what types of disclosures are required can help you to avoid these problems.? Having a Michigan property management company to help advise you can lead you to quicker answers regarding these issues.

Some disclosures may vary according to locality, so doing plenty of research ahead of time can save you plenty of headaches later on.? Most of the required disclosures are fairly consistent from one locality to another.

One of the most commonly required disclosures is the lead disclosure.?? This is a federally required disclosure that pertains to the presence of having any lead-based paint on the premises.? Homes built before 1978 are most likely to have this problem.? There is a particular booklet that the federal government has developed that must be presented to any tenants and the tenants must sign that they have received the disclosure.

Another common required disclosure is related to hazardous materials on the property.? This means that tenants must be notified if certain materials were involved in the construction of the home or any improvements that have been made since.? Any toxic or hazardous materials must be included in this disclosure.

The presence of mold also requires disclosure.? This has become a hot topic in recent years because it could potentially lead to large liabilities for rental property owners and landlords.? Notifications may vary, so it is wise to check with your Michigan property management company for specific guidance regarding the latest requirements for mold disclosure.

An important addendum to consider with any tenant is a roommate addendum.? This will notify each tenant that they are responsible for damages to the unit, even if another resident should cause them.? This type of addendum helps prevent one roommate from leaving without paying for damages and having the others claim that they are not liable.

Pet addendums are also popular with most landlords.? If you are going to allow tenants to have pets on the property, then it is important that you know exactly what types of pets are involved, what sizes and how they are cared for.? Giving a tenant permission to have a mature dog is one thing, having that tenant eventually replace the mature dog with a new pup is another thing.? You will want to have proper recourse in this case.? Requiring a higher security deposit is common for many landlords that allow pets.

Knowing the required disclosures, notices and addendums will help you to manage your property more effectively.? Consult with a Michigan property management company with any questions that may arise.

Source: http://mutualpropertymanagement.com/required-real-estate-notices-disclosures-and-addendums/

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