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Who Is A Landlord? (Part One)

Who Is A Landlord? (Part One)

The term "landlord" is one of the most common vocabularies in real estate parlance. It is almost impossible to skip this term in our everyday lives. As one cherished title of ownership, its frequent use has never lowered the reverence often accorded to it.

 

"landlord’’

Landlord can be individual, businesses entity, government agency who own a property of a sort. 

A property owner who rents or leases a property to another party in exchange for rent payments in a well-documented procedure. They invest in real estate such as vacation properties, cottages, villas and commercial properties, like standalone business properties, shopping malls, office buildings, or mixed-use buildings as a source of financial profit. By owning property and leasing it out, a landlord can earn a steady stream of income with the potential tendencies for appreciation of their properties.

 

Types of landlords in Ghana

Just as there are different types of properties, same goes for landlords too. They may be individuals, corporations, or other entities, such as government agencies. Individuals may own one or more properties and rent them out to supplement their incomes or as a way to diversify their investment portfolios, for instance, a middle-aged couple may decide to purchase a second home and rent it out as a way to increase their monthly income, Keeping the property rented out during retirement can help these individuals supplement any money they receive from Social Security benefits or other investments.

Other landlords, such as corporations, may actually be in the business of purchasing properties for the express purpose to rent them out. For example, a real estate corporation may purchase office buildings and rent them out to different businesses for monthly rent.

Local authorities, especially in the cities, often own housing corporations. These agencies own, rent out, manage, and maintain affordable or subsidized housing rentals to those in need. Rental payments are commonly determined based on a tenant's income for these dwellings.

 

Responsibilities of land a land lord

Landlord typically provide the necessary maintenance or repairs during the rental period, whereas, the tenant or leaseholder is responsible for the cleanliness and general maintenance of the property. The duties and obligations of each party are normally stipulated in a lease agreement.

The primary role of the landlord is to provide accommodation that is of a decent standard and is fit for rental purposes, it is the landlord’s responsibility to ensure the safety of their property and to keep it well maintained, conduct regular maintenance checks, any necessary repairs to your rental properties ensures a quiet living environment respond to repairing also performing repairs and trucks unit conditions. The landlord is also responsible for maintaining their rental security deposits and ensuring that the property is clean and empty when a new tenant moves in. The landlord must also follow the local building codes, perform property repairs, electricity and heat in scheme, energy performance certificate working orders.

 

 

Source: Catherine Adjei

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