A landlord is an individual who leases home to another who is known as; a lessee. It is an owner of property who yields the right to use property for a particular point in time in exchange for the reception of rental fee. A tenant on the other hand is a person to whom a property-owner allows impermanent and restricted use of land or a division of a house or property, typically in substitute for payment. The agreement for this bargain is called a lease. Insurance can be defined as, “A system under which individuals, businesses, and other organizations or entities, in exchange for payment of a sum of money (called a premium), are guaranteed compensation for losses resulting from certain perils under specified conditions in a contract” (Glossary of Terms, 2007).
There are certain responsibilities of the landlords as well as the tenants that need to be understood by the Greens before buying an apartment building. The first and foremost rule is to be clear about everything. This includes the limitations, the use of property, any sustainable damage and its consequences etc. The expected regulation of landlord responsibility is that a property-owner will be detained answerable for any goings-on on his property if the lessor at the time of the lease approved to such commotion or had an idea that it would be carried out, and the lessor also had an or idea had motive to know that it would inevitably entail such a difficult to deal with threat or that special safety measures that were essential to security would not be taken. In order to be apprehended as accountable for damage on the property, the landlord or property manager must have been neglectful in preserving the property, and that carelessness must have been the cause of the damage. Landowners in most states to a certain degree are held legally responsible for the safeguard of their tenants from the hands of probable attackers and burglars and from the acts of crimes being committed by fellow residents. Landlords should ensure the protection of the neighborhood from the illegal activities of their tenants, such as drug dealing.
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