Georgia Laws to Know Before Investing In Rental Real Estate

From to time, you may think about the next rewarding investment. Renal real estate investment can be the…

From to time, you may think about the next rewarding investment. Renal real estate investment can be the path to follow. You'll mostly think about securing tenants, maintaining your property, and sorting among reputable property management companies. In most cases, you will forget about the valuable laws governing this sector of investment. Typically, multiple rental laws will vary according to your state, city, and county. Therefore, it is helpful to consider sparing time to identify the applicable laws before venturing into real estate investment.

Real Estate Agency and Licensing Law

All real estate agents must be licensed in Georgia, which means they have passed a test and met the state's requirements for education and experience. Real estate agents must also complete continuing education courses every two years to maintain their licenses. These real estate agents must also complete an exam before selling the property or renting it out. The state's Real Estate Commission administers a test based on national standards set by the National Association of Realtors (NAR). Therefore, finding a licensed property management company is essential for guaranteed results.

Transfer of Ownership

The transfer of ownership is a process that takes place when a property is sold. This is the most common way to transfer real estate ownership and has been in practice for centuries. However, there are other methods of transferring ownership, such as through inheritance or divorce proceedings.

This process should be done through an attorney specializing in real estate law. The attorney will represent you throughout the entire process and ensure that everything is done correctly. Also, they will advise you on what to expect during this time to prepare for any potential issues that may arise during the sale process.

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Limitations on Use

First, you must use the property for residential purposes only. You cannot use it for commercial purposes. If you do so, you will lose your right to rent out the property and may face other consequences. For example, if you rent out a garage apartment in your home to someone who uses it as an office, you risk losing your right to rent out that part of your house. Therefore, you should be careful when renting out your property or find a reputable property management company that will always observe this law.

Fair Housing

Georgia Law requires landlords and property management companies to treat their tenants fairly and equally. This means that they cannot refuse to rent to someone based on their race, color, religion, national origin, sex, disability, familial status, or because they use a service animal. Landlords cannot ask you these questions before signing a lease agreement. They are only allowed to ask about criminal history after they have already accepted your application and can legally deny tenancy based on the information obtained from your criminal record.

Distinguishing all real estate laws in Georgia can be pretty challenging; you'll spend time and miss some laws. However, you can easily maneuver this frustrating task with the help of property management companies like 3 Options Realty. At 3 Options Realty, we are happy to sort out all federal and state laws governing real estate investment to eliminate possible throwbacks. Call us today and secure the best property management services.