Legal Question in Real Estate Law in Maryland

Greetings!

I am looking to put my personal residence in the market for either rent or lease2own options, the property is located in baltimore county; Towson, MD. I have following doubts if you can help?

1. Do I need to inform any goverment agencies that I am planning to change my personal residence to rental property? If yes, who?

2. Do I need to inform my mortgage/insurance company as well?

3. In lease2own option, does any law prevent having a lease of greater than 12 months? If lease greater than 12 months any issues in evicting the tenant incase the rent is not paid etc..

4. Can any one help in drafting a lease2own agreement?

I also want to thank you in advance for your help.


Asked on 4/03/13, 7:34 pm

1 Answer from Attorneys
G. Joseph Holthaus III Law Offices of G. Joseph Holthaus

If you are renting to more than one person or a minor then you will need a license to rent your property lawfully. If you do not obtain a license, where required, then you may encounter several challenges. You will likely not need to notify your mortgage holder, depending on whether the property is titled solely in your name. Insurance is something that should be discussed with an attorney and coordinated with an insurance broker. Leases in excess of 24 months may be restricted in certain counties, for instance Montgomery County and I would evaluate this for Baltimore County concurrent to the preparation of a lease to own agreement. You are presenting a lease to own agreement which is an exception where properly effected. The type of agreement that you are contemplating may involve several aspects that you are not aware of, such as default and enforcement as well as covenants and other restrictions. I am available to assist you with this transaction.

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Answered on 4/03/13, 8:34 pm


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