Diversifying your investment portfolio continues to be a smart move and many turn to real estate to achieve this goal. Before you rush out to look for one or more investment properties to rent, considering hiring a business law Lafayette IN firm. There are a number of situations where business law attorneys Lafayette IN will be of assistance when it comes to these rental properties. Here are a few to consider.
Illegal discrimination can be a problem for landlords as fair housing laws must be complied with at all times. Every time you go to rent a property, you must follow these laws when accepting or rejecting applicants. The eviction process must follow all fair housing laws also. When a case does go to court and you lose, you may receive a civil penalty of $16,000 for each violation even if this is the first time you have violated these laws! As business law lawyers Lafayette IN have experience in disputing applicant and tenant claims, you should never take this on alone.
Evictions are best handled by a business lawyer for similar reasons. The rules concerning evictions are highly detailed and one misstep can lead to the tenant being allowed to stay in the home for an extended period of time at the landlord’s expense. Hire a lawyer if you have never handled an eviction before, when the tenant is filing for bankruptcy, when the tenant is an employee of a company you own and you are firing them or when the tenant is fighting the eviction. The attorney helps you navigate the system so the eviction is as hassle free as possible.
If you fail to properly maintain the home and the tenant’s personal belongings are damaged as a result, you can be held liable for this damage. Although your liability policy will pay for some of these damages, you may be left to pay for anything the insurance does not cover. The attorney steps in to minimize the amount you are required to pay.
There are many other situations where a business attorney may be of help. If you have any doubt as to where you need to hire a business lawyer, do so. Even if you find that you were correct in your understanding of the law, you’ll have peace of mind knowing that your liability has been minimized.