Why Renters Don’t Have the Same Rights as Owners
Real estate is a physical asset purchased by a person(s), company, or not-for-profit organization such as public housing, for the express use of ownership and long-term profitable investment. The owner makes the purchase with the intent of keeping the investment property and managing it to its highest and best use (profit).
Usually there is a contract (lease) that outlines the agreement of rights and obligations of each party. This written document serves to indicate that there is a meeting of the minds about the property – who owns what, its value (rent), protection (security deposit), beginning and expiration of the agreement, etc.
It is the title-holder of the property that pays to have ownership (mortgage), and so holds the highest risk should anything happen to it. Any liability against the property such as fire, damages, taxes, maintenance expenses, lawsuits, etc. are borne by the owner, and most liabilities are protected by an insurance policy. The owner also pays liability insurance premiums. The renter need only protect the apartment occupied and their belongings by purchasing renter’s insurance (highly advisable).
The owner has the responsibility and duty to protect and preserve the property in accordance with city, state, and federal laws and ordinances, and the lien holder (bank, mortgage company). Also, the owner must pay taxes on the property and other annual fees. Failure to do so could cause the owner to lose the property.
Renters, on the other hand, are temporary occupants of the real estate. A renter is leased a specific part of the real estate (apartment), for a specific length of time (lease), and in consideration of a specific fee (rent), under specific conditions. A renter’s investment is connected only to the amount of space occupied, and in some cases, the public areas. It is the duty of a renter not to decrease the value of the property through their actions and/or lack of taking the appropriate measures to safe keep the property.
This does not mean that a renter doesn’t have rights. In consideration for payment and occupancy of the apartment, the owner agrees to give and provide the renter certain rights These include:
- The right to safe, clean, decent, sanitary housing
- The right to have quiet enjoyment of the property
- The right not to be subjected to the illegal activities of other tenants and/or visitors
- The right to privacy to the extent that the owner cannot go and come into the apartment at will
- The right to have the security deposit returned (plus any interest in accordance with state law) if the property is returned in good condition minus wear and tear conditions
Sometimes this arrangement may seem a bit lopsided. Certainly, a renter may feel frustrated and intimidated when there is a problem between the renter and the landlord. There are civil and housing courts that serve to mediate and protect the rights of both. Still, it is the homeowner who will suffer the greatest losses should anything happen to the property. Therefore, they have more “rights” regarding the property.
With a web site at http://www.synergyprofessionals.com, Certified Property Manager Carolyn Gibson writes about homeownership, property management, being a tenant, and having a property management business. Her book, “How to Pick the Best Tenant” as well as her Special Report, “Landlord Policies That Manage Tenant Evictions, can be found at her web site.
Article Source: http://EzineArticles.com/?expert=Carolyn_Gibson