Have you considered purchasing an income-producing property and taking on the role of landlord? While this business endeavor definitely has its pros, the cons associated with owning and renting real estate can sometimes lead to litigation. In an effort to help you become better prepared to dive into the business and effectively manage your rental property, here are three of the most common real estate lawsuits that landlords face.
- Purchasing Problems – The first step to becoming a landlord is purchasing an income property. While this might seem like a simple statement, the process to seek out, negotiate a closing and secure a space can be quite daunting. From title defects and property line restrictions, to land use laws and existing tenants, the possibilities for litigation to be required are plentiful.
- Tenant Troubles – Whenever you intend to rent out a space it’s important to have a well thought lease for new tenants to review, agree to and sign. Although the nature of such a document may seem obvious, the details can be difficult to fully cover without the assistance of a professional real estate attorney. In the event that your tenants agree to, but do not abide by the house rules set forth in their lease, negotiation and litigation will be necessary.
- Ownership Obstacles – Often times purchasing and maintaining an income property can be too much work and money for just one person to handle. In that instance, partnerships and sponsorships are formed to get the business up-and-running. Unfortunately, it’s not uncommon for these arrangements to go awry and arguments to ensue, which requires litigation and can sometimes lead to a corporate dissolution lawsuit.
Whether you’re a current landlord or are looking to purchase an income property in the future, the attorneys at Gaines, Novick, Ponzini, Cossu & Venditti, LLP are here to guide you through whichever litigation processes are necessary to build and sustain your business.
Founded in 2000, Gaines, Novick, Ponzini, Cossu & Venditti, LLP brings together a group of highly qualified attorneys focused on serving the legal needs of individuals, businesses and municipalities throughout New York, Connecticut and the surrounding areas. To learn more about our firm, please click here to see a summary of our practice areas, or contact us at 914-288-9595 or by filling out this online form today.