Leasing And Property Management

• Provide You, The Landlord, Expert Advice, Based On Decades Of Real Estate Sales And Property Management Experience (References Available)
• Provide A Well-Constructed Lease To Minimize Landlord Repair Costs, Maximize Your Investment Value and Clarify Tenant Obligations
• Provide Contractor Resources Toward Managing Repairs In An Expedient Manner For Preservation Of Property
• Manage All Tenant Communications With An Emphasis On Maintaining A Professional Standard
• Be Readily Accessible To You And Your Tenant, When Needed
• Enforce The Lease And Refer To An Attorney When Needed
• Keep You Advised Of All Conditions Affecting Your Investment Property
• Keep Precise Financial Records Concerning The Investment Property
• 4-Point tenant screening protocol
• Manage all:
• Municipal inspections
• Municipal registrations
• HOA registrations
• Manage All Rent & Income Collections
• Promptly direct deposit to your account
• Lease Origination Fee and Nominal Monthly Management Fee

Leasing & Management Tips:

TENANT SECURITY DEPOSITS:

Landlords are not permitted to require more than one and one half times the monthly rental payment as a security deposit.

Landlords shall deposit those funds in a State or federally chartered banking institution, in this State insured by the federal government in an account that bears interest on time or savings deposits.

Landlords are required to give tenants a statement in writing including the name and address of the investment company, bank or savings and loan association along with the type of account, current rate of interest and amount deposited within 30 days of receipt of a security deposit. This notice may appear in the lease. The landlord must notify tenants within 30 days of transferring security deposit money to a new landlord or moving the security deposit to another account or bank. If notification is not given or if the security is not deposited or invested in accordance with this law, the tenant has the right to require that the security deposit, plus 7 % per year be applied toward any rent due. This request must be made in writing. However, after giving the landlord written notice the tenant must allow the landlord 30 days to comply with the annual interest payment and notice requirements. The 30-day allowance is not required, if the landlord failed to properly deposit the initial security deposit money. At no time thereafter, while the tenant occupies the unit, can the current landlord ask for or collect another deposit.

If the property is sold, foreclosed or conveyed for reasons of bankruptcy or insolvency, the former owner within five (5) days of the date of delivery of the deed, instrument of assignment or court order, must turnover to the new owner all securities plus the tenant’s portion of interest earned and notify the tenant by registered or certified mail of the name and address of the new person holding the tenant’s security deposit. Once transfer and notification is made, the former owner is relieved of responsibility for the security deposit. The person receiving the security deposit along with the tenant’s portion of the interest becomes responsible for the return of the money to the tenant.

Within 30 days after the termination of a tenant’s lease the landlord must return the tenant’s security deposit plus the tenant’s portion of interest, less any allowable fees, un-paid rents, late fees, etc., by personal delivery, certified or registered mail. In addition, an itemized list of interest, earnings and deductions from the security deposit must be sent to the tenant within 30 days by personal delivery, registered or certified mail. If the landlord fails to return the tenant’s security deposit within 30 days, then the tenant is entitled to sue the landlord for the return of the security deposit.

The landlord may deduct from the security deposit money for property damage that is more than ordinary wear and tear If the amount of money owed to the landlord exceeds the amount of the security deposit, the landlord may sue for the difference. 

FLOOD DISCLOSURE:

Sellers of real estate and landlords must disclose knowledge of a property's history of flooding, flood risk, and location in a flood zone or area. Additionally, the law requires landlords to notify tenants of the availability of insurance for renters through the National Flood Insurance program.

WELL DRINKING WATER

NJ laws requires landlords to test their well water once every five years and to provide each tenant with a copy of the test results

HABITABILITY

Tenants have the right to safe, sanitary and decent housing. Residential leases carry an “implied warranty of habitability.” This means that a landlord has a duty to maintain the rental unit and keep it fit for residential purposes throughout the entire term of the lease and that the landlord must repair damage to vital facilities. The tenant is responsible for maintaining and returning the property to the landlord in the same condition that the tenant received it, except for normal wear and tear

TOWNSHIP / STATE REQUIRED OCCUPANCY INSPECTIONS

Be sure your leased property has obtained all local and state required occupancy inspections. NJ State law requires Fire Code inspections with every change of occupancy. Some local governments require habitability inspections with each change of occupancy and some even require yearly inspections.

REGISTER YOUR RENTAL PROPERTY:

To be sure your lease is enforceable, you should register your rental property with the township or local government agency. Complete and file (with the township) a Landlord Identity Registration Form

If your rental property is governed by an HOA, you should register your tenancy with them too. Remember, some communities have a maximum number of allotted rentals, so be sure your rental property won't exceed that limit.