Recently, this Oklahoma legal blog provided an informative post on the rights that landlords have with respect to the individuals who lease their rental spaces. For example, under certain conditions a landlord may have the right to evict a tenant and retain their security deposit to compensate the landlord for losses incurred due to the tenant's malfeasance. Landlords can place certain restrictions on what activities tenants may engage in on their premises and may seek payment of missed rental checks and other costs when their tenants fall behind.
Those who own real estate in Oklahoma that they rent out know how stressful it can be. There are many laws in place to protect tenants, but landlords also have rights.
Owning real estate has long been a part of the "American Dream." In a state like Oklahoma, with large tracts of land, and a history of homesteading, land ownership can be a way not only to gain some prestige, but perhaps make some money as well. Owning a piece of property that one rents to others can be either a nice "side hustle" or a full-time job. While owning such types of property come with privileges, it also comes with responsibilities.
In Oklahoma, there are certain laws and regulations regarding landlord/tenant agreements. Here are some basic things landlords need to understand to minimize liability and guard against costly disputes.
A previous post on this blog discussed how the eviction process works under Oklahoma law. Although each state's laws about eviction are different, the basics of the process work the same from state to state. One of the questions landlords in Oklahoma and elsewhere may have is, "Where do I go from here?" once the landlord has evicted a tenant either for not paying rent or for violating some other important provision of a rental agreement.
Those who own rental property in Oklahoma hope that they have good renters. Usually this is the case, but occasionally a property owner needs to evict their renter. There is a process for eviction "for cause" that Oklahoma property owners should be familiar with in landlord-tenant law.
Many Oklahoma residents have investment property or are considering buying investment property. Investment property can be a good way to increase a family's income and diversify their portfolio. There are many landlord-tenant laws that must be followed along with other things to keep in mind when thinking about buying investment property.