I purchased a primary home. I unexpectedly recieved a job offer in a different town that I really want to take. Can I rent the property out? Are there legal ramifications?

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I purchased a primary home. I unexpectedly recieved a job offer in a different town that I really want to take. Can I rent the property out? Are there legal ramifications?

I purchased a primary home. I unexpectedly recieved a job offer in a different town that I really want to take. Can I rent the property out? Are there legal ramifications?

Asked on April 29, 2016 under Real Estate Law, Arizona

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

Legally, you can rent the house out to your heart's content so long as it's not part of planned community, HOA, etc. which has rules restricting you from renting it. There may be tax consequences for you, depending on how you paid for it, what it cost, whether you rolled the proceeds from a another home into it, what you do about your living situation wherever you move, etc., so you need to discuss the situation in detail with a CPA or tax preparer to understand those impacts, which depend on the specific facts of your case.
Other things to do:
Some communities require that rentals be registered: speak with your town/city clerk or department of housing to understand the registeration requirements. They won't be onerous--it's just paperwork--but you want to make sure you do them properly.
You'll need the proper insurance: your regular homeowner's will not cover renting the property out. Speak to your insurance agent.
If you are (presumably) more than an hour or so away, you'll need as a practical matter to hire a property manager to collect rent, make repairs, do maintenance, check on the property, and, if necessary, evict or sue a bad tenant. Many local realtors provide these services.
Make sure you get a professional quality lease (the realtor/property manager will likely have one)--I do landlord-tenant law in NJ and have seen *many* problems from do-it-yourself-leases which do not have the proper terms.
Make sure to get the maximum security deposit allowed by your state's law and to property document and deposit it.


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