Las Vegas Nevada Real Estate Blog

If you are a real estate investor, it is wise to know the laws that affect you and your tenants.  Among the most important factors in owning rental properties are (a) Tenants’ Rights and Landlords’ Rights (b) Notification (c) Unpaid Rent vs. Prepaid Rent.  If a property is sold, the lease remains in force, according to the laws of most states.  It is important that the potential buyer read and understand the underlying lease and its terms during the due diligence period.  If there is no written rental agreement in place, the tenant has the same rights as those provided in the Landlord-Tenant Law and other applicable portions of state law.  If there is a written lease in force, no changes to that lease can be made until that lease expires.  If you are selling a rental property, you are required by law to tell the tenant that he has a new landlord.  This notification must be done immediately upon the new owner taking possession, per the notification requirements in your state.  If the tenant is in arrears with the former landlord, the new owner has no recourse.   The new owner cannot evict a tenant for non-payment if, in fact, the rent was owed to the previous owner.   If, however, part of the rent is due to the new owner, those fund should be pro-rated and collected at close of escrow.  Rent that is unpaid, such as last month’s rent, and all deposits, should be paid to the new buyer at closing, also.  It is also important for the seller and buyer to review the existing property management agreement, if one is in place.  For more information about rental properties in Las Vegas, Henderson and North Las Vegas, call Las Vegas Income Properties at 1-888-876-8383.