Dec 09

Renewing the lease

By Neda Navidnia Property Management, ProTalk, Tenant

What is Lease Renewal?

Lease renewals refer to the process when a tenant would decide to extend their lease and continue living on your property.

The standard Texas lease automatically renews if no one takes any action.

Usually the lease gives each party 30/60 days to notify the other party of their decision. Landlord or tenant can decide if they want to extend the lease or not.

When to Renew:

It can be common question for any landlord when they get close to the end of the lease: Should I renew the lease with the tenant?

At your Dream Real Estate we recommend keeping good tenants, if the tenant meets all the following requirements:

Has been paying rent on time
Look after the property as if it were their own.
Knows how to communicate and be responsive
If they haven’t had issues or any other breaches of the contract

we recommend renewing.

Other Conditions:

We need to check the condition of the property.

To add another level of safety we take the following steps:

We schedule a time with the tenant and tour the property
We make sure that everything is in good working order
Check and make sure no evidence of upcoming major repairs is seen
Check what tenants might not see like mold, roof, gutters, fence, etc.

Processes:

Step 1: Checking the market rent, then we discuss it with the landlord and get their approval for the new rent amount.

Step 2: Review the tenants history of communication, payments and notes to see if we should decide to extend the lease or not. If not we will send them the required notice per the lease requirement time frame. (Check Not renewing lease)

Step 3: We offer the new rent and terms to the tenant and if they accept it we schedule a time with them to tour the property and take pictures. This is just to make sure that everything is in good condition.

Step 4: We’ll check the report and see if any repair is needed. If everything is in an acceptable condition we’ll send the documents to the tenant and get their signature.

Once the tenant signs the documents, we share the report and documents with the landlord.

The tenants will also receive a copy for their records.

Oct 06

Love1

What a Houston landlord need to know about having a pet in their rental property

By Neda Navidnia Energy Corridor, Fulshear, Houston, Landlord, Memorial, Pasadena, Pearland, Property Management, ProTalk, Richmond, Spring, Sugar Land, Tenant, Westchase

Hello landlords I have a scenario for you, let’s say you are managing your own rental property and after a few weeks of vacancy you find the perfect tenants. You feel confident about renting your home to them but they say hey, by the way, I have a pet which is a german shepherd. You can meet my dog and you’ll see how well trained and smart the adult german shepherd is.

Would you still rent the property to the tenants?

If you know about dogs you’ll know this dog most probably won’t cause any damages. You also can charge a pet fee, pet deposit and monthly pet rent that seems to be a good deal right?

Here lies the problem. Did you know that your home owner’s insurance can cancel your policy because this dog lives on the property?

So are you going to deny the qualified applicants just because of their dog?

If your answer was yes. Hold on!! We have a solution for that.

Contact me and let’s discuss these situations in further detail.

Here at Your Dream Real Estate we take the screening process to the next level by qualifying the clients and their animals (service animals included).

Aug 08

Love1

All you need to know about Earnest Money

By Neda Navidnia Buyers, ProTalk, Sellers

In today’s pro talk we will talk about Earnest Money And the role it plays in a real estate transaction.

What is earnest money in a Real Estate Transaction?

Earnest Money is an important part of home buying process.Once the buyer & seller come to a final agreement in a real estate contract,the buyer will deposit an agreed amount as a show of good faith to purchase the property

How much money is enough for Earnest Money?

The amount is normally based on a percentage of the sales price. However, the buyer can elect to pay more in order to make the offer stand out and to increase his/her chances of buying the property under special circumstances.

Who holds the earnest money?

The earnest money does not go the the seller, rather it goes to an escrow agent such as a title company who holds it till the purchase is consummated. The buyer has 3 calendar days to deliver the money. Earnest money will be credited to the buyer at the closing of the transaction

What happens to earnest money if the transaction falls apart?

The earnest money is typically returned to the buyer if the buyer decides to terminate the contract for any reason during what is called the option period. Unfortunately, things may go south after the option period is exhausted and dispute arises over earnest money. At this time, the terms of the contract determines who receive the earnest money. Here is the bottom line: As a buyer, be diligent about your contract deadlines and give proper and timely notice of your intention to cancel the contract. As a seller, you will not automatically get to keep the earnest money if the buyer drops out, but you may be entitled to it when a buyer breaches the terms of the contract & does not complete the purchase.

In closing, whether you are a buyer or a seller in a dispute over earnest money, we will discuss the role of earnest money and other terms of the contract with our clients at the beginning of the process to prevent any unexpected surprises.

End As always, your dream team is committed to providing you with tools, education & excellent care. Think of us as one stop-shop for all your real estate needs. If you liked this video please subscribe, like and follow us on social media and share this video with anyone who can benefit from it.