Legal Question in Real Estate Law in California
Proposed rent increase
Improvements are necessary on property I've inherited, such as painting, carpet, etc. as I plan to sell the property within 6 mo's to a year. I signed an agreement with the Housing Authority, who pays a portion of the tenant's rent, when I first inherited the property, that I would not go up on the rent, however, a $150/mo. rent increase is necessary to prepare the property for eventual sale, besides the tenant is paying $200 below market rent. A term of the agreement allows me to increase the rent based on improvements, however, I'm not sure how to "word" the notice to increase. I would appreciate any assistance you could give me with the wording. Thanks!
2 Answers from Attorneys
Re: Proposed rent increase
You definitely need to contact an attorney in this matter. It appears that you have an agreement with a government agency to provide low income housing. The rules and requirements for this type of housing is a legal mine field. If the rent increase is not properly noticed you could be liable for severe monetary penalties, inaddition to having to refund the over payment of rent.
Re: Proposed rent increase
To give you advice you can rely on someone needs to read your agreement.
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