So You Want to Be a Landlord...

So You Want to Be a Landlord...

Many people consider owning real property and renting it to tenants as a means of providing additional income and long-term investment.  Often this is a great idea and works out as planned.

However, both residential and commercial landlords assume risk and liability when they enter into leases with tenants.  For residential landlords, these issues are even more complex and technical given the legal requirements and risks set forth in Oregon’s Residential Landlord and Tenant Act (ORLTA).  ORLTA’s provisions are set forth in Oregon Revised Statutes (ORS), Chp. 90 here: https://www.oregonlegislature.gov/bills_laws/ors/ors090.html

The ORLTA governs most issues related to residential leases in Oregon, which are numerous and can cause significant expense to landlord in the form of adverse attorney’s fees and multiplied damages in the event the landlord runs afoul of the law.  In addition, ORS Chp. 105 governs residential evictions and sets forth the legal process by which a residential landlord must comply to regain legal possession of her premises based on a variety of legal deficiencies by the tenant regarding either their lease obligations or use of the premises.  You can find more information on Oregon evictions here: https://www.oregonlegislature.gov/bills_laws/ors/ors105.html and https://www.courts.oregon.gov/forms/Pages/landlord-tenant.aspx

The first piece of advice to “want to be” residential landlords is to self-educate by using resources such as the Oregon Rental Housing Association here: https://oregonrentalhousing.com/ and by seeking a qualified attorney to assist you in consulting and drafting related lease agreements and other legal documents needed as part of your process before you begin renting any property.  

Property Law and Oregon’s Landlord/Tenant Act is complex.  Therefore, get the assistance you need to ensure you are aware of your legal options and risks in your particular legal situation. 

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