Property Management: Property management involves oversight and administration of property, be it residential property such as apartments, detached houses, housing units or commercial, such as shopping centers or industrial real estate.
Role of Property Management Lawyers: Property Management Lawyers handle a number of responsibilities. Property Management Lawyers help NRIs maintain their distant properties and look after related matters without any worries. The primary reasons why NRIs need a Property Management Lawyer:
- they lack the time and
- the expertise to manage their property
Property Management Lawyers and their services: Property Management Lawyers take care of following, for and on behalf of their NRI clients:
- Property Management Services
- Documenting the properties in detail as per the law of the land.
- Coordinating with law enforcement to remove a tenant or tenant’s possessions from a unit.
- Ensuring proper execution of all property transactions.
- Advising the owner on applicable tax abatements associated with the rental assets.
- Filing of relevant paperwork to initiate and complete an unlawful detainer action.
- Handle tenant defaults and eviction issues on behalf of the owner.
- Manage litigation or any other issues of legal dispute.
- Make drafts of leasing agreement for tenants in the name of the owners.
- Representing the owner in the court.
- Maintaining complete record of expenses through invoices and receipts.
- Providing prospective renters with rental applications on behalf of the owners while making sure such applications are legally compliant with fair housing laws to avoid any future dispute.
- Updating the clients about the latest central, state and local legislation which are applicable to renting and maintaining properties.
- Managing all historical records such as inspection reports, paid bills, guarantees, contracts, etc.
- Property Management lawyers also tackle real estate disputes and deed problems
- Providing annual reports structured for tax purposes and required tax records.
- Providing easily read monthly cash-flow narratives which have a detailed breakdown of income and itemized expenses.
- The lawyers coordinate with developers, investors, brokers, and other attorneys on their clients’ behalf.
- They also help resolve disagreements over trespass, injuries, boundaries and encroachment.
- Property management lawyers are experts in dealing with residential and commercial real estate transactions. They ensure that the interest of their clients is taken care of. They coordinate with inspectors, insurance agents, banks, surveyors, real estate and title agents and other financial institutions.
- Lawyers check if there are any charges or liens against the property in residential transactions. They ensure timely payment of taxes and maintenance by the seller.
- Real estate lawyers assist the clients with security deposits and review the final declaration, bills of sale, promissory note, deed, etc.
This inventory of tasks performed by Property Management Lawyers isn’t exhaustive by any means. But it surely gives a broad idea about the various Property Management Services and answers why is it a better idea, particularly for an NRI, to leave them to a Property Management Lawyer rather than trying to look after it on your own. Property management is quite a task in itself and more so for NRIs since they are miles away from their property in their native country and cannot administer it sitting in a foreign land.