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Multifamily Real Estate Glossary

Multifamily Real Estate Glossary

Can the HOA Enter Your Home?

An HOA generally cannot enter your home without permission, except in emergencies or for maintaining common areas, as outlined in the community's governing documents.

October 13, 2024

How Do Landlords Check for Evictions?

Landlords check for evictions by using tenant screening services, credit reports, public court records, contacting previous landlords, and reviewing rental applications.

October 13, 2024

What is Bonus Depreciation?

Bonus depreciation in real estate is a tax incentive that allows property owners to immediately deduct a significant portion of the cost of qualifying assets, such as certain improvements or equipment, in the year they are placed in service, rather than depreciating them over their useful life.

October 13, 2024

What is a Holdover Tenant?

A holdover tenant is a renter who stays in the property after their lease expires without the landlord's consent, potentially leading to eviction or a new month-to-month tenancy.

October 13, 2024

Common Problems with Tenant in Common (TIC) Agreements

TIC agreements can lead to disputes over property management, finances, and ownership rights, requiring clear agreements to prevent conflicts.

October 13, 2024

What is a Typical Late Fee for Rent?

A typical rent late fee is either a flat fee ($25–$100), a percentage of rent (5–10%), or a daily fee until paid. Landlord-friendly states like Texas, Florida, and Georgia offer flexibility with minimal regulation, while tenant-friendly states like California, New York, and Oregon impose strict caps, grace periods, and strong tenant protections.

October 13, 2024

What is a Renter's Property Tax Refund?

A Renter's Property Tax Refund is a tax relief program in some states that provides eligible renters with a refund on property taxes assumed to be included in their rent, based on factors like income and rent paid.

October 13, 2024

What is a Certificate of Rent Paid and When is it Needed?

A Certificate of Rent Paid (CRP) is a document issued by landlords detailing rent payments for tax purposes, commonly used by tenants in states like Minnesota to apply for renter's property tax refunds.

October 13, 2024

What is Unlawful Detainer in Real Estate?

An unlawful detainer refers to a tenant remaining in a rental property without legal right after a lease expires or is terminated, leading the landlord to file a lawsuit to regain possession.

October 13, 2024

Can a Landlord Break a Lease?

A landlord can break a lease under specific conditions such as non-payment of rent, lease violations, major repairs, property sale, or personal use, but must follow legal procedures and provide proper notice.

October 13, 2024
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