Utah Code – 38-8-1: Definitions.As used in this chapter:1 “Default” means the failure to perform in a timely manner any obligation or duty set forth in this chapter or the rental agreement. Types of Property for Tax PurposesYou’ve always dreamed of buying a home, condo, or other structure. You basically want a place you can truly call your “own.” But before you set out to buy your dream home, you’ll want to know more about the different types of property for tax purposes. Below you will find key information about real and personal property and where to go if you additional questions. Remember, it is always best to consult with a local real estate attorney before making any major real estate decisions to be sure you have the most up-to-date law in front of you. Real and Personal PropertyThere are two basic categories of property: real and personal. The assessment procedures and the tax rate will vary between these two categories. Real property, in general, is land and anything permanently affixed to land (e.g. wells or buildings). Structures such as homes, apartments, offices, and commercial buildings (and the land to which they are attached) are typical examples of real property. Basically, personal property is any property that is not real property. Personal property is not permanently attached to land. In most cases, it is moveable and does not last as long as real property. Personal property includes vehicles, farm equipment, jewelry, household goods, stocks, and bonds. Types of Personal PropertyPersonal property is divided into “tangible” and “intangible” forms. Tangible personal property is just that: it has a physical form. It can be seen, touched, and moved. Examples of tangible personal property include clothing, books, and computers. On the other hand, the notion of intangible personal property is an abstraction. They do not usually have physical forms (other than certificates or accompanying records). These include assets such as patents, trademarks, stocks, and bonds. Classes of PropertyIn addition to the basic types of property, property is grouped into various classes and subclasses for purposes of tax assessment. These classes are based on the property’s use. These schedules of classes vary considerably from state to state. For example, a state may have the following classes of property: Lease AgreementBefore moving into a rental property, many landlords require their tenants to sign lease agreements. A lease is a contract between a tenant and landlord that gives a tenant the right to live in a property for a fixed period of time, typically covering a 6- or 12-month rental period. A contract between the landlord and tenant binds the parties to the lease. Residential leases are tenant contracts that define in clear, thorough terms the expectations between landlord and tenant, including rent, rules regarding pets, and duration of agreement. A strong, well thought out, and well-worded lease contract can help ensure both parties’ best interests are protected, as neither can alter the agreement without written consent from the other. Rental AgreementRental agreements are very similar to lease agreements. The biggest difference between lease agreements and rental agreements lies in the length of the contract. Unlike a long-term lease agreement, a rental agreement provides tenancy for a shorter period of time usually 30 days. In most cases, rental agreements are considered “month-to-month,” and automatically renew at the end of each term period (month), unless otherwise noted by tenant or landlord. With a rental agreement, the landlord and tenant are free to change the terms of the agreement at the end of each month-to-month period (so long as appropriate notice procedures are followed). Typical Items In Leases And Rental AgreementsBoth lease and rental agreements may vary in terms of structure and flexibility. For instance, some contracts may include a rental unit pet policy, while others might include an additional addendum regarding rules or regulations, such as excessive noise. Depending on the state, landlords may be required to include certain disclosures on their lease or rental agreements such as asbestos, mold, and registered sex offender information. When drafting your lease or rental agreement, always be sure to comply with your state and federal laws. Lease Agreement vs. Rental Agreement: Pros and ConsThe pros and cons of each specific contract fall into a few different categories and depend on the landlord-tenant relationship you’re looking for. Pros of a Lease:If stability is your main priority, a lease may be the right option. Many landlords prefer leases to rental agreements because they are structured for stable, long-term occupancy. Placing a tenant in a property for at least a year may offer a more predictable rental income stream and cut down on turnover costs. Cons of a Lease:That said, once a lease agreement is signed, the rental cost is set in stone until the end of the agreement. In an up-and-coming area with consistently growing property values, 12 months of a fixed rental cost could mean you miss out on substantial incremental income from market increases. According to Home Buying Institute, the median home price in the U.S. rose by 8.1% over the past year and is predicted that prices would rise by 6.5% in the next 12 months. Pros of a Rental Agreement:Due to the short term of a rental agreement, they allow much more flexibility when it comes to rent increases. Technically speaking, rent may be revised each month with a rental agreement to stay in-line with the current fair market rent so long as rent increases comply with local law and the notice provisions that govern the month-to-month rental. Using a tool such as Rentometer is useful for searching rental price comparisons in your area. It’s important your tenant understands with a rental agreement the landlord has the ability to increase the rent rate month to month. A rental agreement is ideal for a renter who can’t commit to a 12-month lease period. It may open the door to many qualified tenants looking for a short-term rental, which may be in high demand near college campuses or major hospitals. Cons of a Rental Agreement:A tenant looking for a long-term lease may be scared away by the flexibility of a month-to-month lease, which may leave them subject to frequent rent raises or indeterminate rental periods. For landlords, the costs of more frequent tenant turnover should also be kept in mind, including advertising, screening, and cleaning costs. Additionally, if your rental is located in an area with lower occupancy rates, you may have trouble keeping your unit rented for long periods of time. Terms to Include in Your Lease or Rental AgreementA residential lease or rental agreement is the blueprint of a tenancy: It lays out the rights and responsibilities of both the landlord and the tenants. It’s not only a binding contract that the parties can enforce in court; it’s also a highly practical document full of crucial business details, such as how long the tenants can occupy the property and the amount of rent due each month. 1. Names of All Tenants and Occupants 2. Description of Rental Property 3. Term of the Tenancy 4. Rental Price 5. Security Deposits and Fees 6. Repair and Maintenance Policies 7. Landlord’s Right to Enter Rental Property 8. Rules and Important Policies 9. Contact Information 10. Required Landlord Disclosures Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
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ABOUT MEEarned praised for my work marketing puppets for farmers. Set new standards for investing in puppets in the UK. Had moderate success implementing sock monkeys for fun and profit. Was quite successful at getting my feet wet with action figures for fun and profit. ArchivesNo Archives Categories |