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Old 03-06-2012, 07:59 AM
 
1 posts, read 1,566 times
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My husband and I are considering renting out our main and only residence in virginia beach and downsizing.....How do I find out the legalities for virginia beach regarding renting out our home? Any info anyone can shed on this topic would be most appreciated. Thanks.
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Old 05-05-2012, 09:08 AM
 
Location: Virginia Beach
4 posts, read 11,332 times
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What are you looking at knowing? Setting a price, what your responsible for? Where to get a lease? If you are unsure you can get a Property Management company to just do a credit check and write up a lease for you for a small fee and you maintain the property or I would seek the advice of either a real estate attorney and see if he/she can draw up a lease and just pay fee and go from there. I had this done with a place we rented. But you can also look up Landlord/Tenant Act for Virginia although this can be abit confusing.

Just a few things - get a lease, set a price, collect a security deposit (put in a separate acct) REQUIRE them to have renters insurance (get proof) you'd be responsible for maintenance on the house and all the contents of it (not their stuff, but yours), i.e. - appliances, and any issues if things need to be repaired. Unless its tenants fault. Put everything in writing, if they are responsible for yard work, late fee, bounced check fees, also clearly state a date rent is due - due on 1st but after 5th considered late etc. These are pretty standard but just pointing out the obvious. Renting can have its benefits but can also be a nightmare.

Can I ask why you want to take it on yourself? PM companies usually charge a 10% monthly fee, but handle ALL the nightmares with tenants. And if you had to evict they handle that as well.

Good luck to you
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