Whether you are a tenant, property owner, or property manager, there are many terms you should know. Property management involves terminology that is many times unknown to the general public. To best operate in your role within property management, you need to be particularly familiar with words commonly used in these situations. Below are some of the common terminologies used in property management.
Housing managed by the federal state government is offered to people who meet certain criteria. Typically rent for these properties is less than 30% of the tenant’s income.
A rented living space typically found in a large building intended for residential living.
A real estate professional who buys and sells properties on behalf of clients in exchange for a commission.
A residential building with multiple units where each unit is independently owned.
A secondary signer on a lease who provides additional security and assurance for the property owner.
A house built with the intention of two families residing on the property. The house is divided into two completely separate units, so the families still have independent and private units.
Equal Housing Opportunity:
The right of American citizens to have the opportunity to reside in a community regardless of their race, religion, gender, race, nationality, and sexual orientation.
The removal of a tenant from a property due to lease agreement violations and/or unpaid rent.
A legal notice is given by a property owner to a tenant that informs why the tenant is being evicted and the reason for the eviction.
Fair Housing Act:
A law that prohibits discrimination in the housing market based on gender, race, religion, age, disability, and family status.
Homeowners Association (HOA):
An organization consisting of homeowners that creates and enforces rules and guidelines for all homes and condos located within that neighborhood.
A written agreement between a property owner and a tenant about the terms of the tenant’s occupancy of a rental property. These terms include the rent payment amount, length of the lease, and any other regulation a tenant needs to be notified of.
A rental property whose lease lasts for a year or more.
Someone who manages rental property for the owner of the home. The services include accounting, rent collection, marketing, and tenant relationships. Property managers are paid through a percentage of the rental income collected.
Insurance policies that must be carried by tenants of rental properties to cover personal belongings and potential liability problems.
A payment taken by a property owner from tenants at the beginning of the lease to be used in case of damage occurring throughout the time of their residency in the property. If no damage occurs, tenants will receive back this payment once they move out of the property.
An inspection conducted by the property owner at move-in and move-out of the property. The property owner checks for issues, missing items, and damage to the property.
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