Having rental properties is a profitable investment as it allows you to make some side income. A lot of people invest in properties and then put them up for rent. Investing in properties is better than keeping the money idle. When you have invested in properties, you would put them up for rent. If you have a number of rental properties, you would understand how great your responsibilities are. It is important to keep check of all your properties and not ignore them. Collecting rent from the tenants is an important part of rental properties. It is necessary to ensure that all the tenants pay their rents on time. If there is any TENANT NOT PAYING rent, you should not ignore them for long. Taking the matter lightly would mean accumulation of rent; and when a large amount of rent is overdue, the tenant would find it burdensome to pay it.
If you find yourself in a situation where your tenant is not paying rent, you should immediately consult with a lawyer. The law professional will guide you about the steps that you should take in order to realise the overdue rent amount. Following are some ways a landlord lawyer can help you regarding non-paying tenants.
- The first thing a lawyer would ask you for is a copy of the tenancy agreement entered between you and the tenant. There they would see what clause you both agreed upon in case the tenant does not pay rent. When they find that you have specifically mentioned what you would do in case of non-payment of rent, they would proceed therefrom.
- Subsequently, the lawyer would also check on with you if you have any insurance policy meant for landlords that covers non-payment of rent from tenants. They would guide you about claiming payment from the insurance companies when the tenant defaults on rent payment.
- The lawyer would contact your defaulter tenant and try to convince them into paying rent. They would try to arbitrate out of court so that the process becomes easier. A lot of TENANT NOT PAYING rent agrees to pay back their dues so that they are able to avoid the hassle of going to the court. A lawyer may at first send some legal notices to the tenant so that they consider paying the due rent amounts.
- If you have claimed due rent amounts from the insurance companies, and have nothing to claim from the defaulter tenant, you might look forward to evicting the tenant from your rental property. If you have made up your mind that you want to evict your tenant, you should seek help from the lawyer and ask him to legally guide you into the process. They would ensure that you are able to get rid of the tenant without having any impact on you.
A TENANT NOT PAYING rent becomes a headache sometimes, so it is necessary that you do not ignore defaulters for a long time. If you do not take action at the right time, you would end up suffering more with each passing day.