QUOTE(MechGabba @ May 20 2016, 02:09 PM)
I see you're in the real estate biz?..so what would be the SOP if tenants default payments? my agent herself said its ok for landlord change lock if tenant don't pay for 2 months.
i can't open the llink...in office cannot open FB.
Yea. I'm sort of in the real-estate industry. But i mainly only help owners manage their rental investments. Buying/Selling is secondary stuff.
SOP = Serve Notice > Claim Rent > Court Order > Claim Possession
Anyway the only magic word to dealing with these kind of headache tenants is being "vigilant". Keep a close eye on any signs of any unwanted/undesirable scenarios that may potentially happen with this tenant. Majority agents in the market actually doesn't truly know the actual clauses in property law. Most of them "main tembak" only.
Yea, under majority mindset and so called logic thinking, you the the owner of the house, tenant not paying rent since its your house which is stated in SPA, you got all the right to go change locks, cut electricity/water supply. Think again, if they come across a tenant that knows how to retaliate (
pardon me for not listing it out, i dont want potential tenants from hell learning from here.. haha) then the owner will get themselves sued back for damages etc. In the end, owner may have to let the tenant live there for free for X number of time and also need to pay them compensation/damages/lawyer fee upon court orders. Then upon tenant finally leaves the property, normally the owners will find the interior is damaged/missing/sabotaged.
In my opinion, no doubt buying property and renting it out is a good long term investment. But being a landlord is not as easy as [[ buy a house=get a tenant=collect rental=making money ]]. In Malaysia, most investors only knows how to buy properties but coming to manage the property and the tenants, they really have limited knowledge thus an initially good investment becomes a lost. So owners are advised to follow legal procedures to protect themselves better. Since in Malaysia is pro-tenant.
P.S. Court eviction order could take 3 to 6 months at Sessions Court and the costs of the proceeding is normally between RM7K-RM25K depending on circumstances. So screen your tenants, do not simply rent out your unit because your a desperate coz if shit happens in the end you may need to fork out more.
[i can't open the llink...in office cannot open FB.] = use your phone app
This post has been edited by VOOSH: May 21 2016, 09:20 PM