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Owner of a rented building, land or real manor

A landlord is the owner of a house, apartment, condominium, land, or real estate which is rented or leased to an individual or business concern, who is chosen a tenant (likewise a lessee or renter). When a juristic person is in this position, the term landlord is used. Other terms include lessor and possessor. The term landlady may exist used for the female owners. The director of a pub in the United Kingdom, strictly speaking a licensed victualler, is referred to equally the landlord/landlady. In political economy it refers to the owner of natural resource lone (e.g., land, not buildings) from which an economic hire is the income received.

History [edit]

The concept of a landlord may be traced back to the feudal system of manoralism (seignorialism), where a landed manor is owned past a Lord of the Manor (mesne lords), usually members of the lower dignity which came to form the rank of knights in the high medieval period, holding their fief via subinfeudation, but in some cases the land may also be direct subject to a member of higher nobility, as in the royal domain direct owned by a king, or in the Holy Roman Empire purple villages directly subject to the emperor. The medieval system ultimately continues the system of villas and latifundia (peasant-worked wide farmsteads) of the Roman Empire.^[ane]

In modern times, "landlord" describes whatsoever private, or entity such as a government trunk or an institution, providing housing for persons who do not own their own homes. They may be peripatetic, stationed on a secondment away from their habitation, not desire the risk of a mortgage or negative equity, may be a grouping of co-occupiers unwilling to enter into the ties of co-buying, or may be improving their credit rating or bank residuum to obtain a improve-terms hereafter mortgage.

Owner and tenant responsibilities [edit]

A rental agreement, or lease, is the contract defining such terms as the price paid, penalties for late payments, the length of the rental or lease, and the corporeality of observe required before either the homeowner or tenant cancels the agreement. In general, responsibilities are given as follows: the homeowner is responsible for making repairs and performing property maintenance, and the tenant is responsible for keeping the property clean and safety.

Many owners hire a property management company to accept care of all the details of renting their property out to a tenant. This commonly includes advertising the property and showing information technology to prospective tenants, negotiating and preparing the written leases or license agreements,^{[two] [3]} and then, once rented, collecting rent from the tenant and performing repairs as needed.

David Berry owned much of what is at present known as his namesake boondocks of Berry, and is well remembered by his tenants.

U.s.a. [edit]

In the United States, residential homeowner–tenant disputes are primarily governed by state law (not federal law) regarding property and contracts. State law and, in some places, urban center law or canton constabulary, sets the requirements for eviction of a tenant. Generally, in that location are a limited number of reasons for which a landlord or landlady can adios his or her tenant before the expiration of the tenancy, though at the cease of the lease term the rental relationship tin generally be terminated without giving any reason. Some cities, counties, and States take laws establishing the maximum rent a landlord can accuse, known as rent command, or rent regulation, and related eviction. There is also an implied warranty of habitability, whereby a landlord must maintain rubber, decent and habitable housing, coming together minimum safe requirements such as smoke detectors and a locking door. The almost common disputes effect from either the landlord'due south failure to provide services or the tenant'due south failure to pay rent—the old can also atomic number 82 to the latter. The withholding of rent is justifiable cause for eviction, equally often explained in the charter.^[4]

Canada [edit]

In Canada, residential homeowner–tenant disputes are primarily governed past provincial constabulary (not federal law) regarding property and contracts. Provincial law sets the requirements for eviction of a tenant. Mostly, there are a limited number of reasons for which a landlord can evict a tenant. Some provinces have laws establishing the maximum hire a landlord can charge, known as hire control, or rent regulation, and related eviction. There is besides an unsaid warranty of habitability, whereby a landlord must maintain safety, decent and habitable housing, coming together minimum prophylactic requirements.

United Kingdom [edit]

Residential rental market (tenancies)

Individual sector renting is largely governed past many of the Landlord and Tenant Acts, in particular the Landlord and Tenant Act 1985 which sets blank minimum standards in tenants' rights against their landlords. Another central statute is the Housing Human activity 2004. Rents tin can be freely increased at the stop of a usual six-calendar month elapsing, on proper notice given to the tenant. A Possession Order nether the well-nigh common blazon, the bodacious shorthold tenancy (AST) is unremarkably obtainable later on eight weeks/two months of unpaid rent, and at the court'south discretion after serving the tenant with a Section eight detect (under the Housing Act 1988 every bit amended) for a lesser menses for all assured tenancies — and on other grounds which defer to the landlord's ownership of the belongings. If the tenancy is an AST then any possession club will non accept effect until six months has passed into the initial tenancy. A tenancy of someone who has been in occupation since before fifteen January 1989 usually, if not a shorthold from the kickoff following their inception from 1980 onwards, may exist a "regulated tenancy" with many more than rights, especially under the Hire Act 1977 and Protection from Eviction Act 1977, introduced by the 3rd Wilson ministry building.^[v]

Each business firm in multiple occupation, a unit the law does not regard it as a single household having more than 3 tenants, is subject to enhanced regulations including the Housing Act 2004. A council-issued Licence to be a landlord of such a unit is ever required in some local regime (in others, limited to the larger statutory examples).

Residential leasehold [edit]

Tenancies above a couple of years are normally called leases and tend to exist lengthy; if more seven years a new leasehold estate must exist registered.^{[half dozen]} These are governed by few of the above rules and are in longer examples deliberately more akin to full ownership than tenancies, in full general. They seldom require a sizeable footing rent. The police force has non regulated hefty break/resale charges nor does it prevent the auction of leasehold houses; in the 2010s sure of these proposals take been widely consulted upon and are being drafted. Broadly, legislation allows such lessees (tenants) to club together to gain the Correct to Manage, and the right to purchase the landlord's interest (to collectively enfranchise). Information technology allows them individually to extend their leases for a new, smaller sum ("premium"), which if the tenants have enfranchised will not normally be demanded/recommended every 15–35 years. Notice requirements and forms tend to be strict. In smaller examples the tenant, depending on a simple mathematical segmentation of the building, may be able to enfranchise individually. Statute of 1925 implies into almost all leases (tenancies at low rent and at a premium (fine, initial large sum)) of property that they tin be sold (by the lessee, assigned); reducing any brake to i whereby the landlord may use standard that is "reasonable" vetting, without causing major delay. This is oftentimes known as the "statutory qualified covenant on assignment/alienation".

In the overall diminishing domain of social housing, exceptionally, lessees widely larn over fourth dimension the Right to Purchase for a fixed discount on the market price of the dwelling.

Commercial (business) leases and tenancies [edit]

In commercial belongings much of the law, especially as to disputes and basic responsibilities, is based on freedom of contract of the mutual constabulary including the implied terms of precedent decisions of broad-ranging case law such equally the significant of "adept and substantial repair". Implied principles include "non-derogation from grant" and "placidity enjoyment". All businesses which are tenants (lessees) must make up one's mind whether to contract in or outside of Function Ii of the Landlord and Tenant Human action 1954 which gives them "concern security of tenure". If not, information technology generally applies by default. This "security of tenure" is expressly subject to mutual reasons and associated mechanisms for a landlord to obtain back the bounds. If a landlord is selling a block and a qualifying tenant occupies more than than l%, the tenant should be given the right of first refusal at the asking price to buy the block. As in near jurisdictions the police force on rigorous adherence to lease terms on unlawful subletting and consignment can be strictly enforced, resulting in financial and premises loss if broken. Failure to repay a rent need, unlike residential, tin result in direct landlord's repossession ("peaceable re-entry") through a commercial landlord's correct to the use of "self-aid" evictions.^[7] The taking of a tenant's goods without a court-issued warrant (flowing from a courtroom order or outstanding tax demand) (distress) has been banned.^[eight]

Slum landlord [edit]

Renters (tenants or other licensees) at the lowest end of the payment scale may be in social or economical difficulty and suffer significant social stigma as a consequence. Due to lack of alternative options, such renters are often the victims of unscrupulous owners of unsafe and decrepit properties who fail their responsibility to maintain the property.

The terms "slumlord", "slum landlord", or "ghetto landlord" is used to describe landlords of large numbers of such properties, often property a virtual local monopoly. Public improvement or major private investment tin can improve such areas. In farthermost situations, government compulsory buy powers in many countries enable slum clearance to replace or renovate the worst of neighbourhoods.

Examples:

• Peter Rachman was a landlord who operated in Notting Colina, London, in the 1950s and until his 1962 death. He became notorious for exploitation of his tenants, with the word "Rachmanism" entering the Oxford English Dictionary. His henchmen included Michael de Freitas (aka Michael X/Abdul Malik), who created a reputation as a blackness-power leader, and Johnny Edgecombe, who became a promoter of jazz and blues, which helped to go along him in the limelight.^[9]

Rental investment and basis [edit]

Incentives and disincentives

The incentive, certainly if not social housing, is to obtain a good rental yield (annual return on investment) and prospect of property cost inflation. The disincentives are the locally varying duties of landlords in repair/maintenance and administration — and keynote risks (tenant disputes, damage, neglect, loss of rent, insurance inavailability/disputes, economical slump, increased rate of interest on any mortgage, and negative equity or loss of investment). Cyberspace income (yield) and upper-case letter growth from letting (renting out) particularly in leveraged purchase to let, is subject to idiosyncratic risk, which is considered objectively intensified for a highly leveraged investor limited to a small number of similar profile homes, of narrow rental market entreatment in areas lacking economic resilience.^[10]

Basis

Rental properties tin can be paid for past the tenant on whatever basis agreed betwixt the landlord and the tenant — more frequently than weekly or less than yearly is nigh unheard of — and which is always included in the lease agreement (preferably for both sides in writing). It should be one of the factors that a tenant considers before moving in.

Security for hire and actress fees

A landlord or its amanuensis can decide to collect a security deposit (and/or in some jurisdictions such as parts of the US, a move-in/administration fee). A deterrent if high and a relative bonny if low in many markets for a tenant, it is rarely debated in pre-tenancy term negotiations. In some jurisdictions either or both are banned in the original sense. Instead a landlord's loss of rent/comprehensive harm insurance may be factored into the rent agreed and/or a special blazon of deposit, a regulated sum of money equally a bond (protected security deposit) from the tenant held by a registered tertiary party (such equally certain realty agents) may exist permissible. A deposit is unremarkably by police to be start against deficit (rent deficits) and damage by or failures to make clean/repair past the tenant.

Licensed victualler [edit]

Main article: Pub

In the United Kingdom the possessor and/or managing director of a pub (public house) is usually chosen the "landlord/landlady" or "publican", the latter properly the appellation of a Roman public contractor or taxation farmer. In more formal situations, the term used is licensed victualler or simply "licensee".^[11] A female landlord tin be called either a landlady or just landlord.

The Licensed Trade Charity, formed in 2004 from the merger of the Club of Licensed Victuallers and Licensed Victualler's National Homes,^[12] exists to serve the retirement needs of Britain's pub landlords. The clemency also runs three private schools in Ascot and Reading in Berkshire and Sayers Common in Sussex. As well as having normal full fee paying students, Licensed Victuallers' School in Ascot provides discounted teaching prices for the children of landlords and others in the catering industry.

Landlord associations [edit]

At that place are significant associations of landlords in diverse countries. These associations/societies provide back up for their members in facing a range of issues ^[13] past providing a ways of mutual support, and also lobby relevant authorities and parliament with regard to the details and implementation of residential and some commercial tenancy legislation.

Australia

Numerous landlord associations exist in Australia. These associations demand to exist distinguished from the class of property owner associations that stand for the 'big finish of town' - the owners of major buildings and very large residential housing complexes, such every bit the Property Council of Australia.^[14]

• Belongings Owners Clan of Australia (POAA)^[15]
• Holding Owners Clan of Victoria (POAVIC) ^[13]
• POAQ - Holding Owners Association of Queensland ^[16]
• Belongings Owners Clan of NSW ^[17]
• Property Owners Association of Western Australia ^[18]
• Landlords Clan of Due south Australia ^[19]

United kingdom of great britain and northern ireland

National Residential Landlords Association (NRLA) has at present formed from a merger of the two post-obit organisations as of 31/3/2020:^[20]

• Residential Landlords Association (RLA)^[21]
• National Landlords Association (NLA)^[22]

Encounter besides [edit]

Wait up landlord in Wiktionary, the free dictionary.

• Edifice superintendent, a related occupation
• Tenement (law)

References [edit]

1. ^ "Feudalism". faculty.history.wisc.edu. Archived from the original on 5 April 2017. Retrieved 14 March 2018.
2. ^ Friedman on Leases (Sixth Edition) by Andrew R. Berman, Affiliate 37: Leases, Licenses, and Easements Compared—Parking Rights, Section Store Concessions, Lodgers, Etc.
3. ^ "Using a License Agreement Instead of a Lease". LawJournalNewsletters.com.
4. ^ Bolander, Donald O. (1990). The New Webster'southward Library of Applied Information: Family Legal Guide. Dictionary Publications. pp. 44–45. ISBN0-7172-4500-4.
5. ^ "Archived re-create" (PDF). Archived (PDF) from the original on 2018-04-xiii. Retrieved 2018-04-12 . {{cite spider web}}: CS1 maint: archived copy as title (link)
6. ^ LRA 2002, Sch.three
7. ^ HM State Registry (2020). "Practice guide 26: leases – conclusion". Gov.uk. sec. 8.
8. ^ Bailiffs Archived 2018-04-thirteen at the Wayback Machine Lorraine Conway and Jack Dent. House of Commons Library: Conference Paper Number 04103, 9 June 2017
9. ^ "– historytalk.org" (PDF). www.historytalk.org. Archived (PDF) from the original on 2016-10-03.
10. ^ Tara Siegel Barnard (March 29, 2013). "Rental Investment May Seem Safer Than It Really Is". The New York Times. Archived from the original on March 30, 2013. Retrieved March 30, 2013.
11. ^ "Dictionary.com". Archived from the original on 2009-03-03. Retrieved 2008-07-nineteen .
12. ^ "Society of Licensed Victuallers, registered charity no. 230011". Clemency Commission for England and Wales.
13. ^ ^{a b} Victoria, Property Owners Association of. "Property Owners Association Victoria". www.poavic.org. Archived from the original on 11 May 2018. Retrieved xiv March 2018.
14. ^ "Archived copy". Archived from the original on 2016-05-03. Retrieved 2016-05-10 . {{cite spider web}}: CS1 maint: archived copy as title (link)
15. ^ "Habitation". www.poaa.asn.au . Retrieved 14 March 2018.
16. ^ "Property Owners Association of Queensland". world wide web.poaa.asn.au. Archived from the original on 12 March 2018. Retrieved xiv March 2018.
17. ^ "Archived copy". Archived from the original on 2016-08-16. Retrieved 2016-07-22 . {{cite web}}: CS1 maint: archived copy as championship (link)
18. ^ "POAWA - Property Owners Association of WA". Holding Owners Association of Westerns Commonwealth of australia. Archived from the original on 15 March 2018. Retrieved 14 March 2018.
19. ^ "Landlords' Clan (S.A.) Incorporated". www.landlords.org.au. Archived from the original on 2016-09-29.
20. ^ "National Residential Landlords Association | National Support For Landlords". www.nrla.org.united kingdom . Retrieved 2020-04-11 .
21. ^ "Residential Landlords Association | National Support For Landlords". www.rla.org.uk . Retrieved 2018-06-28 .
22. ^ "National Landlords Clan | to promote and protect the private residential landlord". landlords.org.u.k. . Retrieved 2018-06-28 .

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Source: https://en.wikipedia.org/wiki/Landlord

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