In MN, where the question was posted. Giving notice of one month means that you have to give notice the day before the last day of the previous month. In other words, you need to give the landlord a full month, plus one day. From what I read here, it sounds like you gave your notice too late.
Coldwell Banker Burnet
licensed MN Broker
I would seek legal advice sounds like you have to problems 1 the company the other the tenant.
You can go after the tenant not sure about the Management company. http://www.mnhomescontractfordeed.com... more
I can't see why you would be responsible for returning any of the security deposit if they did more damage then the amount of the security deposit -even if the notification wasn't received by the previous tenants within 21 days.
As others have stated, I'm not an attorney but if it were me I would send them a notification in writing now detailing exactly what the damages are and how much it will cost to fix them. I would include copies of any invoices and estimates of repairs demanding immediate payment or that I'll need to take them to small claims court.
Past experience tells me that they most likely won't pay me so I would need to file a claim with conciliation court and let the judge sort everything out.
Check out the Landlord Tenant Rights and Responsibilities information on the Minnesota Attorney General's website.
Good luck!... more
I'm a bit late but I thought I would answer. Firstly, try using the same insurance agent who you use for your current home and auto. There are discounts available and also you can use the overall value of what is covered to get a better deal. At the same time, I would shop around to confirm if your agent is giving a good deal. Get an inspection since there may be problems that would cause your insurance company not to cover the home.
My three properties are all in the $200K range and cost less than $100 per month to insure except the town home where the Association dues are $130 per month. This does cover exterior items (plus non insurance benefits like maintenance). On that property I also have an HO6 policy to cover the massive $5,000 deductible plus interior items that are a part of the building. My renters all have renter's insurance as well.
Remember though that insurance is also about protection so you also want to be sure you have a section in your lease that addresses liability. That will at least provide some protection if a tenant wants to sue you. Depending on your net worth, you may want to consider an umbrella policy. It's cheap insurance and can cover you if someone does successfully sue you.
Finally, many investors buy using an LLC, which is very easy to get set up and does provide some protection as well. Others put their properties in a land trust named after the county where it's located. Most ambulance chasers who work on contingency won't spend a lot of time trying to figure out if you're worth enough to sue. If they don't find anything right away, they may tell your tenant they need a retainer before they'll dig any further. This will eliminate most people since they won't have the cash to pay a lawyer for their time.
If you want to see my leases, I'm happy to share them with you. Email me at: firstname.lastname@example.org or call 612-849-9079.
Good Luck!... more
As the others advise, check with a lawyer. I'm not a lawyer, so this isn't legal advice. But based on my experiences in other areas, you might or might not have a binding contract. (For instance, although no money has changed hands, you have received "consideration"--a lease that does have value and a promise to pay.)
So there are all sorts of questions involved: Is actual payment required? Under what conditions may you cancel the lease? Are there contingencies in the lease that you could invoke? What sort of landlord-tenant regulations might protect your would-be tenant (or, possibly, you)?
Check with a lawyer.... more
No one can make a statement on behalf of any party unless all executed documents are reviewed . Have you contacted property manager interview them of their standards? Or your Realtor who assisted in securing the property?
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