What is Property Management?
Property management is the administration of commercial, industrial real estate, residential property such as apartments, detached houses, housing units and shopping centers.
Why do we need Property Management Lawyers?
There are ample reasons for having Property Management Lawyers. However, the most important reasons are
- the lack of time
- expertise to maintain the property
NRI’s face difficulty in managing distant property affairs. This is where the Property Management Lawyers step in.
What the services Property Management Lawyers provide?
Following are the tasks performed by the management lawyers for and on behalf of the clients:
- Detailed documentation of the properties as per the law of the land.
- Filing of relevant paperwork to initiate and complete an unlawful detainer action.
- Represent the owner in the court.
- Coordinating with law enforcement to remove a tenant or tenant’s possessions from a unit.
- Managing issues of legal dispute or litigation.
- Keeping the owners informed about the latest local, state and federal legislation that apply to renting and maintaining properties.
- Provide prospective renters with rental applications on behalf of the owners that are legally compliant with fair housing laws to avoid any feud in future.
- Making drafts of leasing agreement for tenants in the name of the owners.
- Ensure all property transactions are executed appropriately.
- Maintain complete documentation of expenses through invoices and receipts.
- Manage all historical records such as paid bills, contracts, inspection reports, guarantees, etc.
- Provide yearly reporting, structured for tax purposes as well as required tax records.
- Advise the owner on related tax abatements associated with the rental assets.
- Provide easy to read monthly cash-flow narratives which offer a detailed breakdown of income and itemized expenses.
- Handling tenant defaults and eviction issues for the owner.
- Property Management lawyers also deal with real estate disputes and deed problems and help resolve disagreements over injuries, encroachment, trespass, and boundaries.
- The lawyers, on behalf of the owners work with investors, brokers, developers, and other attorneys.
- Property management agents specialize in residential and commercial real estate transactions. They ensure that their clients’ interest stand protected. For this, they work with surveyors, insurance agents, inspectors, real estate and title agents, banks and other financial institutions.
- In residential transactions, lawyers check whether there are charges or liens against the property. They make sure that the seller pays the taxes and maintenance on time.
- Real estate attorneys help clients with security deposits and review the final declaration, promissory note, bills of sale, and deed, etc.
The list mentioned above isn’t a comprehensive list of Property Management Services. But it is intended to give a fair idea of the scope of a Property Management Lawyer’s activity and as to why we need management lawyers, especially NRI’s.
NRI’s are most vulnerable when it comes to property management. It is comparatively difficult for them to keep up with the administration and overall upkeep of a land or property from a foreign land in their homeland.