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Real Estate Term:Landlord
A landlord, or landlady, is the owner of a house, apartment, condominium, or real estate which is rented or leased to an individual or business, who is called the tenant. In the United Kingdom the manager of a public house is also called the landlord. A female landlord can either be called a landlady or simply landlord. When a legal person is in the same position the term landlord is used. Other terms used are lessor and owner. The tenant can also be called a lesee or renter.
In the United States, landlord-tenant disputes are primarily governed by state law (not federal law) regarding property and contracts. State law and, in some places, city law or county law, sets the requirements for eviction of a tenant. Generally, there are a limited number of reasons for which a landlord can evict his tenant before the expiration of the tenancy. Some cities have laws establishing the maximum rent a landlord can charge, known as rent control.
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 amount of notice required before either the landlord or tenant cancels the agreement. In general, the landlord is responsible for repairs and maintenance, and the tenant is responsible for keeping the property clean and safe.
Many landlords hire a property management company to take care of all the details of renting their property out to a tenant. This usually includes advertising the property and showing it to prospective tenants, and then, once rented, collecting rent from the tenant and performing repairs as needed.
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