Friday, March 4, 2011

New Rent Control Ordinance Passed at Wednesday's City Council Meeting..... Know what your obligations are as a Landlord, Know what Time Limitations Exist for Tenants in Making a Claim

Just to finish the story.... The Rent Control Ordinance passed on Wednesday on its second reading so it's now codified in Hoboken's local code.  If you are a Landlord, please make sure you comply.   Tenants know the new limitations of the code.  

The big change???  Landlords will have to supply a disclosure to Tenants stating what the legal rent is.  The disclosure to be provided by the Rent Control Board.

Tenants have a limitation of 2 years from the date of the disclosure to make a claim of overpayment.

Landlords can use past leases and statements as proof of vacancies to substantiate vacancy decontrol increases.

Here it is for you to read for yourselves.

Other related articles on Rent Control and Leasing:

Things to Consider When Writing a Lease

Understand Hoboken's Rent Control Ordinance before Buying an Investment Property

Also related....

Here is the Consumer Information Stmt that talks about the different type of agency law.  It's important to contract with an agent under a buyer's agency agreement so that the agent is required to help you with due diligence including informing you about rent control and other considerations when buying property.  As a buyer, if you haven't signed that agreement, you haven't hired an agent and the underlying assumption is you are doing your own due diligence and/or you hired another resource such as attorney to help you with that. 

Information Provided by Donna Antonucci
Prudential Castle Point Realty

Rent Control Ordinance - Rvsd 3_10                                                                                                   

Information Provided by Donna Antonucci
Prudential Castle Point Realty

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