Archive for Legal resources

Landlord 101: What You Need to Know to Rent Property

Before you become a landlord, learn your rights as well as the tenant's to save trouble down the road.

Becoming a landlord sounds like a promising and lucrative venture. But before you buy a property or turn one into a rental unit, find out everything that’s involved. You might be surprised to find out that becoming a landlord is about a lot more than just gathering the rent checks and fixing a few things now and then.

Know What’s Involved

Do you really know what’s involved in becoming a landlord? You might be surprised by what you don’t know…and need to know. Check out this eye-opening article in Money listing 6 rookie mistakes to avoid when becoming a rental property owner. For starters, expect expenses to be higher with a rental unit compared to a residence. Depending on where you buy the property, you also could end up paying special taxes, higher insurance rates and dealing with inspections that could turn into major costs if not done properly.

Review Local Law

Before you start renting the property, review your state, city, county and municipal rights as a landlord. And don’t stop there! Knowing a tenant’s rights can save you lots of trouble down the road. Check out the resources we provide for tenants and landlords in Washington state in our recent blog post.

Always Screen Applicants

Before you sign a rental agreement with the tenant, engage in some due diligence. In other words, screen all applicants to determine their ability to pay the rent on time. Money Crashers suggests running a background check and contacting previous landlords to determine an applicant’s suitability. Click here to read Money Crashers’ full list of questions to ask and what to check for.

Be Ready for Eviction

No one wants to think about eviction, but it happens. Preparing and serving an eviction notice protects your rights as a landlord. We offer an eviction kit, complete with all of the forms you need to file and serve the eviction notice, at DoItYourselfLegalKits.com. Click here for more information about eviction kit – the kits are available as an instant download, or you can order a print version we’ll mail to you.

Prepare a Lease

Creating a simple lease agreement sounds easy. But an informative article at CBS News recommends hiring an attorney who specializes in real estate. That way, your rental agreement is in compliance with local and state laws and can’t be used against you when the tenant decides to leave. Click here to see our referral list of real estate attorneys.

 

Small Business: Resources for Handling the Legal Aspects of Your Company

Small business planning includes finding legal resources to help you stay on top of legalities.

Whether you’ve been in business 10 days or 10 years, staying on top of potential legal issues is key to successfully keeping your small business going. If you need to take hours, days or even weeks to handle legal issues you could have prevented in the first place, you could lose money and customers. Plus, the need to drop everything and find an attorney to handle an emergency can be very stressful.

Check out the following resources – each offers tips and links to information you need to stay on top of potential legal issues as well as finding the right attorney for your specific business needs.

Know the basics.

Finding out the legalities involved with your business and industry is better done sooner than later, especially to set up a business structure, handle personal liability issues, know industry regulations or hire employees. Start with “Important Legal Tips for Starting a Small Business” on the Staples website. The list is a good one for startups, but also can act as a reminder for established businesses on staying on top of basic legal issues before they become major. Learn the legal requirements for small businesses through the Small Business Administration’s free 30 minute course. If you don’t have time to watch the video, you can download the SBA Legal Requirements Checklist.

 Deal with vulnerabilities.

Avoiding legal problems in the first place starts with knowing where you are most vulnerable. Check out “7 Tips for Avoiding Small-Business Legal Potholes” by Intuit Quickbooks. This article offers 7 great tips related to staying out of legal trouble when it comes to employees, contracts and intellectual property.

Don’t wait.

Don’t wait until you’re desperate to find an attorney. Set aside time now to find a law firm to have on call when you run into legal challenges. Before you hire a firm, check out these “10 Questions to Ask Before Hiring a Small-Business Attorney” in Entrepreneur. You can also click here to read our blog post about questions to ask before you sign on the dotted line with a law firm.

Use specialists.

In “5 Legal Tips for Small Businesses and Startups,” Entrepreneur writer Eyal Lifshitz recommends hiring specialists. Besides a corporate attorney to help you set up the structure of your business, you might also need a patent or trademark attorney for your logo/company name or product. Perhaps you need a law firm that specializes in employee issues.
For a list of corporate law attorneys, see our referral list for law firms in Washington state.