0
Who is supposed to bear the sinking fund tenant or owner of the property?
Wiki User
∙ 12y ago
As a best practice, the rent your charge should be enough to allow for 5-10% to be dumped monthly into your sinking fund. If you have a single renter property, then it might be practical to seed the fund yourself with a few hundred dollars at the beginning of the year to keep your rental price competitive.
If you have a mult-renter property, then the relatively small amount you need to take from each renter should be near unnoticeable to them.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
What are life tenant responsibilities once he gives up tenancy and continues to live in property?
Once a life tenant releases their life estate they have no rights in the property and no responsibilities regarding the property. It is up to the fee owner to determine the terms for the continued use of the property. The owner may serve notice for the former life tenant to vacate the premises or the owner can require the tenant to sign a lease and pay rent. It is up to the owner.
What is a tenant esstoppel certificate?
This is a certificate given from a property owner to the new property owner, which details all aspects of the tenant occupancy of the property, such as how many tenants, their information, how much they're paying in rent, etc.
Is the lessor the landlord or the tenant?
Tenant and lessee are the same thing, they are a person who rents property from a lessor who own property that he wants to lease.
Who is the legal owner of a property the home owner or tenant?
The home owner of course. Tenants have tenant´s rights such as 30 day notice before eviction etc., but the home owner owns it.
Can a person become tenant of his grandfather?
To be a tenant one is only required to occupy property that they do not own, through lend from the owner or rent paid to the owner. Yes, a person can become a tenant of his grandfather. If a grandfather owns property and lends it to his grandson, or rents it to his grandson, the grandfather is the landlord, and the grandson is the tenant.
Can a tenant in NJ be told to clean their apartment?
A tenant ANYWHERE can be told to clean their apartment ! The tenant is only there 'at the grace of the property owner' - and pays for the use of the accommodation. It is not unreasonable for a landlord to insist the tenant keeps the property in a reasonable state of cleanliness !
Can homestead property be sold?
Yes. However, the life tenant must release their life estate if the owner wants to sell the property free and clear of the life estate. If the life tenant does not want to relinquish their right to the property the new owner must take the property subject to the life estate.
What type of property ownership allows you to own your share independently and retain the right to transfer that share by sale?
Owning property as a tenant in common or as a joint tenant allows the owner to sell their proportionate interest. However, in a joint tenancy with the right of survivorship, the share of a deceased owner passes automatically to the surviving owner bypassing probate. During life that share could be sold. In the case of a tenant in common, their share passes to their estate when they die.Owning property as a tenant in common or as a joint tenant allows the owner to sell their proportionate interest. However, in a joint tenancy with the right of survivorship, the share of a deceased owner passes automatically to the surviving owner bypassing probate. During life that share could be sold. In the case of a tenant in common, their share passes to their estate when they die.Owning property as a tenant in common or as a joint tenant allows the owner to sell their proportionate interest. However, in a joint tenancy with the right of survivorship, the share of a deceased owner passes automatically to the surviving owner bypassing probate. During life that share could be sold. In the case of a tenant in common, their share passes to their estate when they die.Owning property as a tenant in common or as a joint tenant allows the owner to sell their proportionate interest. However, in a joint tenancy with the right of survivorship, the share of a deceased owner passes automatically to the surviving owner bypassing probate. During life that share could be sold. In the case of a tenant in common, their share passes to their estate when they die.
If owner does not live on the property but a life tenant does who pays taxes?
In this scenario, the owner is typically responsible for paying property taxes, even if they do not live on the property. The life tenant, as the person living on the property and benefiting from it, does not typically have a legal obligation to pay property taxes unless specified otherwise in their agreement with the owner.
Do both joint tenants have to be informed and agree for one to sell?
No. One joint tenant is free to sell their own interestin the property without permission from their counterpart. If they do the new half owner and the co-owner will become tenants in common.No. One joint tenant is free to sell their own interest in the property without permission from their counterpart. If they do the new half owner and the co-owner will become tenants in common.No. One joint tenant is free to sell their own interest in the property without permission from their counterpart. If they do the new half owner and the co-owner will become tenants in common.No. One joint tenant is free to sell their own interest in the property without permission from their counterpart. If they do the new half owner and the co-owner will become tenants in common.
Does a life tenancy form part of the estate of the person who granted it?
No. A life tenancy is granted by the owner of property to another person. For the duration of the life tenant's natural life they have the right to the use and possession of the property covered by the life estate.No. A life tenancy is granted by the owner of property to another person. For the duration of the life tenant's natural life they have the right to the use and possession of the property covered by the life estate.No. A life tenancy is granted by the owner of property to another person. For the duration of the life tenant's natural life they have the right to the use and possession of the property covered by the life estate.No. A life tenancy is granted by the owner of property to another person. For the duration of the life tenant's natural life they have the right to the use and possession of the property covered by the life estate.
Can a non property owner be a victim under the law if they contracted a remodel without a license?
A property owner may be a victim if a tenant contracts a remodel without their knowledge or approval. The tenant would be liable if they hired someone without a license to do work.
