Natural disasters can happen at any time or place. Whether a tornado, flood, earthquake, or fire, natural disasters cause extensive property damage and displace thousands of people every year. When a natural disaster hits and damages a rental property, landholders have certain priorities to their renters that go beyond focusing on the damage to the rental home. The nature of these priorities depends on whether your LaPlata property is still habitable or not.
As a landholder, you should already know that a rental home must be fit for human habitation. Regardless of the location, all rentals must provide a tenant with water, heat, electricity, and a sanitary and structurally safe building. While the rigorous regulations can vary, some regulations state that if the rental homes does not meet, the basic requirements, a tenant is under no obligation to pay rent and may even cancel the lease. They may also be qualified to acquire their security deposit directly in full.
When a rental home gets hit by a natural disaster in LaPlata, the amount of damage should be assessed quickly. The damages should always be documented thoroughly, in the event that questions emerge in the future. If the damage is minimal and the tenant will be displaced for only a stretch of few days or weeks, your responsibilities are to handle all repairs as quickly as possible. Your tenant may still be obligated to meet the terms of the lease, as well as pay to repair or replace any damage to their own personal property.
If nonetheless, the damage is extensive, or the maintenances will take several months or more, it is the responsibility of the owner to determine how to handle the lease. If the home is uninhabitable, you may need to release your renter from the lease and return the security deposit in full. A tenants’ security deposit cannot be used to pay for damages caused by a natural disaster. On top of that, if the natural disaster strikes close to the beginning of the month or immediately after a month’s rent has been paid, the landlord may have a responsibility to return that month’s rent to the renter.
Understanding how to react after a natural disaster and which moves to take with reference to the lease, rental payments, and security deposits is something the experts at Real Property Management Gold have ages of familiarity with. With our squad on your side, you can remain peaceful and positive in the intelligence that even when disaster hits, your LaPlata rental properties are in the premium feasible hands. Please contact us online or call us at 301-392-2172 for more information.