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Chapter 15 - Property Management

Terms in this set (27)

Landlord Tenant Law
Chapter 562A of The Iowa Code.
Fair Housing Act
The rental of rooms or units is exempted in an owner-occupied- one-to-four family building and in housing operated by organization or private clubs that limit occupancy to members. If the rental facility does not fit into one of the above categories, it will be subject to the Fair Housing Act. Prohibits discrimination against race, color, religion, national origin, sex, disability, or familial status, in IA, sexual orientation and gender identity have been added,
Americans with Disabilities Act (ADA)
Property management companies with 15 or more employees must adopt nondiscriminatory employment procedures for employees regardless of their disabilities. These employers must provided reasonable accommodations to enable individuals with disabilities to perform job functions.
Equal Credit Opportunity Act
Prohibits the landlord/property manager from denying credit or a lease to a person based on race, color, religion, national origin, sex, marital status, age, receipt of public assistance,.
Property Management Contract
The contract or agreement between the property owner and the management company. Stipulates the terms and conditions of the agreement between the two parties.
Rental Deposits
A landlord shall not demand or receive as a security deposit on an amount or value in greater than two months' rent.
All rental deposits shall be held by the landlord or property manager, for the tenant, who is a party to the agreement.
Rental deposits are to be held in a bank or savings and loan association or credit union which is insured by an agency of the federal government.
Rental deposits shall not be commingled with the personal funds of the landlord.
All rental agreements may be held in a trust account, which may be a common trust account and which may be an interest-bearing account.
Any interest earned on a rental deposit during the first five years of a tenancy shall be the property of the landlord.
A landlord shall, within thirty days from the date of termination of the tenancy and receipt of the tenant's mailing address or delivery instructions, return the rental deposit to the tenant. If the land and withholds all or any portion of the rental deposit, a written statement showing the specific reason for the withholding must be provided to the tenant. If the rental deposit or any portion of the rental deposit is withheld for the restoration of the dwelling unit, the statement shall specify the nature of the damages.
Notices
Can be served by the landlord/property manager through personal service or certified mail. There is a 30-day notice required for increases in rent and for the adoption of new occupancy rules. The landlord/property manager must give a 24-hour notice to enter the premises.
Forcible Entry and Detainer Action
All notices except this one can be served by the landlord/property manger through personal service or certified mail. There is a 30 -day notice required for increases in rent and for the adoption of new occupancy rules. The landlord/property manager must give a 24-hour notice to enter the premises.
Occupancy Certificates
Are issued by municipalities for properties suitable for rentals and located within property zoning areas.
There are six basic requirements of the lease:
The correct names and signatures of the parties
The correct identification of the premises
A statement of the rent amount
A statement of the use for the premises
A statement of the start and stop dates
The rights and obligations of both parties.
Minors are considered incompetent to enter into a legal contract. This does not mean that you can't have a contract with a minor, but it does have special conditions. The minor can make the landlord perform on the contract, but the landlord cannot legally enforce a contract with a minor.
Insanity or Senility - All jurisdictions hold persons being insane or senile as having the same protections given the minor. Physicians serve the same function as a notary public and/or valid witnesses for contracts between "normal" parties when insanity or senility is a potential issue.
Gross Lease
The simples form of lease. In this form of lease, the tenant simply pays the stated amount each month. The monthly rate covers all the monthly expenses that the landlord would normally incur. The landlord takes care of everything and the rate does not change.
Full-Service Lease
Is similar to the gross lease except it contains provisions to pass on escalating costs to the tenant. The landlord establishes a rate that includes paying the taxes, insurance and common area maintenance charge (CAM), equal to what was spent in a given year.
Expense Stop
Similar to a base year except instead of using the actual number for a given year the landlord simply quotes an amount. If the expenses are higher than that amount the tenant would have to pay his prorate share.
Triple Net Lease
A lease commonly found in a building with a single, long-term tenant. Quoted base rent but the tenant is responsible for all the costs incurred with the operation of the space. Tenant pays taxes, insurance premiums, utilities, etc.
Gross Industrial Lease
Similar to the triple net lease except the base lease rate includes the payment of taxes and insurance. If the property is Muti-tenant property the common area expenses will also be added and usually, are quoted as a per square foot cost.
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