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South Dakota Landlord Tenant Law

South Dakota Landlord Tenant Law

 

Frequently Asked Questions about South Dakota landlord Tenant Law

What is South Dakota landlord tenant law?

The rules concerning the relationship between South Dakota landlords and their tenants are prescribed in  South Dakota landlord tenant law . The rights of both parties are explicitly outlined in these codes, so it’d be best if you familiarize yourself with them as much as possible. You can read the original laws here. But if you’d prefer, see below for answers to some of the most popular questions about  South Dakota landlord tenant law .

What is a rental agreement?

The rental agreement is the foundation for any landlord-tenant relationship. It should lay out the all of the following terms of the leasing:

• Period of rental;

• Amount of rent due;

• Date that rent will be due;

• Consequences for late payment of rent;

• Security deposit amount;

• Method for reclaiming security deposit;

• Landlord’s duties and responsibilities;

• Pet policy;

• Yard care and house up-keep.;

A rental agreement may be either written or verbal, as  South Dakota landlord tenant law  respects both. However, since verbal agreements are easy to dispute, it is always better to have your rental agreement in writing. If you cancel your rental agreement, this will need to be done in writing, not verbally.

Can anything be in a rental agreement?

The truth is that  South Dakota landlord tenant law  actually prohibits many elements from being included in any rental agreement, as they violate an individual’s rights. These include clauses stating:

• That the landlord cannot be responsible for damage or personal injury;

• That the tenant automatically accepts responsibility for all damages to rented property;

• That the landlord can enter the apartment at will without notice;

• That the landlord can evict you without notice;

• That the landlord can take your property for not paying rent;

• That the landlord can keep the security deposit without giving a reason.

What is an application fee?

An application fee is a perfectly acceptable billing concept according to  South Dakota landlord tenant law . The payment goes toward the cost of speaking to the tenant’s references. Most fees are fifty dollars or less, but there are no clauses in  South Dakota landlord tenant law  defining egregious application fees.

What does  South Dakota landlord tenant law  say about security deposits?

A security deposit is charged to a tenant to compensate the landlord in case the tenant damages their apartment beyond reasonable wear and tear. A tenant does have the right to inspect a premises before paying a security deposit, and then to request a statement concerning the current state of the premises be signed by their landlord.

The typical security deposit is one month’s rent, and  South Dakota landlord tenant law  forbids larger amounts except in special circumstances, such as when the tenant has a pet. 

The landlord may retain the security deposit, but only that portion necessary to repair the tenant’s damage to the premises. Security deposits charged or kept in bad faith are subject to a $200 fine.

 

Oklahoma Landlord Tenant Law

Oklahoma Landlord Tenant Law

 

Guide to Oklahoma Landlord Tenant Law

If you are a renter or a landlord in Oklahoma, you need to have an understanding of OK landlord tenant law in order to ensure that your rights are respected.  Oklahoma landlord tenant law can be somewhat complicated, but gives a variety of protections to both tenants and landlords.  This guide will explain some aspects of OK landlord tenant law so that you can understand if your rights have been violated.  If you believe your landlord or tenant has violated OK landlord tenant law, you may wish to consult with a landlord tenant law attorney.

Oklahoma Landlord Tenant Law and Security Deposits

While in many states, a landlord must always return a security deposit promptly, Oklahoma landlord tenant law only requires a landlord to give back a security deposit after a written request from a tenant.  If you do not make this request within six months, OK landlord tenant law allows your landlord to keep the deposit.  According to Oklahoma landlord tenant law, landlords must maintain your security deposit separately from their own funds and must return it within 30 days of your request or give you an itemized list of damages.

Oklahoma Landlord Tenant Law and Evictions

OK landlord tenant law forbids “self help” evictions, in which a landlord personally evicts a tenant.  Some of the methods banned by state law include turning off utilities, changing a tenant's locks, or removing a tenant's belongings from their unit.  OK landlord tenant law only allows a landlord to evict a tenant by going through the legal eviction process in civil court.  If your landlord is attempting to remove you in any other way, you should contact a landlord tenant lawyer immediately.

Oklahoma Landlord Tenant Law and Habitability

OK landlord tenant law requires that all landlords maintain units at standards suitable for human habitation.  This means that your unit is required to have functional heating, electrical, and plumbing systems, and that you must have access to safe hot and cold drinking water.  All of a unit's appliances, including air conditioning units, must be maintained in good condition according to OK landlord tenant law, and your landlord must also provide trash removal.

Oklahoma Landlord Tenant Law and Lease Breaches

If your landlord does not maintain habitability standards or otherwise breaches your lease, you have several options.  OK landlord tenant law allows a tenant to give a landlord 14 days of notice to fix a problem, and if the problem is not fixed, the tenant may leave 30 days after giving the original notice.  You may also spend money yourself to fix the problem and withhold it from rent, if the cost of the repair is no more than $100.

Any problems that cause safety hazards or an imminent threat to your health allow you to terminate your lease immediately upon written notice, according to OK landlord tenant law.  Unsafe conditions caused by an emergency (like a fire) require a week of written notice before your tenancy can come to an end.

 

Understanding a Lien on Property

Understanding a Lien on Property

Understanding a Lien on Property

A lien on property is a claim or interest put by a lender against a property by in order to secure the repayment of a loan or debt. In the very worst-case scenario, a lender can assume control of the property in question. The most common way that a lien on property happens is on a mortgage. 
In the situation where borrower defaults on a loan or debt, the lien on property can be enforced by the lender. In certain cases, the lien on property can be enforced right away, but most situations, the lender may have to wait a period of time until the ownership of the property changes.
In the case of a lien on property for a mortgage, the lender gets to holds the property title until the loan is fully dissolved. This can only happen when the loan’s terms have been paid back in full. Then the title of the property can be changed to the borrower. If the loan’s terms have not been met yet, the lender can choose to use the lien on property to recover as much as possible through foreclosure.
Sometimes it is possible to impose or enforce a lien on property when payment is not given for products or services. Here the claimant must prove by that money is owed by filing the claim with a court that has jurisdiction. If the respondent is considered liable and unwilling or unable to repay the amount, the claim may be paid using money from a transaction of property transfer. The property sale may even happen without the consent of the owner.
The value that can be collected through a lien on property is often limited to the value of money owed that is still outstanding. In some circumstances, the cost of court or other collection costs can be included if they are applicable. Thus, the lien on properly can end up even more than the amount of money that is actually owed.
If the value of the property or real estate is not enough to cover the lien on property, the lender can take advantage of other options. The lender may choose to just write off the rest of the balance, or the lender may choose to keep pursuing collection via a law suit or other legal means. If a lender writes off the rest of the owed debt, the borrower may still have to pay for taxes on the amount forgiven as it may be considered income.
In other cases, more than one lien on property may be placed on one single property at the same time. In this situation, the oldest one is often honored first and the others can then be honored in order of age from oldest to newest. One lien on property holder can make their claim less than another lien holder, if both agree to it. Doing this would change the priority level between the two claims if default were to occur.

What Can a Refinance for You?

What Can a Refinance for You?

Refinancing is the process of getting a new loan in order to pay for an existing one. Individuals most often take advantage of refinancing when dealing with mortgages.
There are many different benefits of trying to refinance a mortgage:
Getting a new loan that has a lower interest rate
Adjusting the length of a mortgage. This can be either to increase the term and reduce the amount paid monthly or to get a shorter term mortgage, which often provides lower interest rates
Going from an adjustable-rate mortgage to a fixed-rate mortgage. Changing to a fixed rate mortgage means the interest rate will be steady on a month to month basis. This is also beneficial if an individual anticipates rates increasing in the future.
Getting an adjustable rate mortgage with improved terms. This can mean a lower starting interest rate, lower payment caps, or lower interest rate adjustments.
Cashing out from built up equity: When refinancing for an amount that is greater than the amount owed on the house, it is possible to get the difference as a cash payment through cash-out refinancing. However, this will mean you own less of your home
While there are benefits to refinancing, it may not be suitable to refinance a loan or mortgage under certain circumstance:
If an individual has had the mortgage for a long time. The longer those payments have been credited to the principle, the lower the interest becomes. Deciding to refinance a mortgage would mean restarting the whole process where most of the monthly payment would go to paying interest as opposed to building equity.
Planning to move from the home soon. The difference in monthly payments may not exceed the costs of refinancing so a break-even calculation can be used to figure  out whether it is beneficial to refinance the mortgage
The current mortgage has a prepayment penalty. By paying the mortgage off early the lender may have the right to impose a fee that would charge for this. Sometimes the prepayment penalty can be waived if the same lender is doing the refinancing.
What determines eligibility for a refinance?
The process to determined eligibility is similar as the process used for approval in the  original mortgage. Lenders will often look at assets and incomes, other debts, value of the property, credit score, and the amount of the mortgage needed. If the newer credit score is lower than the previous, it usually results in a loan with a lower interest rate.
How much does it cost to refinance?
Typically, refinancing fees can be between three to six percent of the outstanding principal. This is in addition to any other possible fees, such as prepayment penalties or other costs.
The fees to refinance vary from lender to lender as well as state to state. Some of the fees include:
Application fee: cost of processing the loan request and checking the credit report, can be between $75 and $300
Loan origination fee: charged by lender to prepare and evaluate the loan, cost between 0% and 1.5% of principal
Points: A system where one point is 1 of the amount of mortgage loan. There can either be a loan-discount point, which when paid one time reduces the interest rate of the loan, or points charged by the lender to earn money on the loan. This can be between 0% and 3% of principal
Inspection fee: Professional can come and test or analyze the structural condition of the home. This can cost from $175 to $350.
Appraisal fee: appraisal of home to ensure the property is worth the value of the home which can cost between $300 to $700.
If an individual is hoping to refinance a loan or a mortgage, it is necessary to weigh the pros and cons. The goal is to save money so it is important to see if that is feasible for a given situation.

Financial Considerations When Buying a House

Financial Considerations When Buying a House

Financial Considerations When Buying a House


Buying a house may seem to be the best financial decision for some families. The interest and property taxes from a mortgage payment is often deductible and having a mortgage may provide a form of forced savings. Furthermore buying a house and having a mortgage may increase a person’s equity. There can also be many personal benefits. 
However, there are disadvantages to buying a house. Not all people are in the position to make large monthly payments for an extended period of time and having such a large percentage of an income go towards a mortgage may be detrimental when unexpected expenses come up.
It is first important to consider all costs. Aside from the mortgage and interest, there can be other costs of buying and owning a home, such as taxes, utilities, insurance, maintanence and other fees. Before looking to purchase a house, it is first necessary to evaluate:
How much is a lender willing to lend?
How much can an individual afford to spend?
How much is an individual willing to sacrifice when buying a house?
How much can an individual afford for a down payment?
IT is typically okay to spend less than 28% of a household income on a mortgage, but lenders will allow up to 36% of gross monthly income to be spent on a mortgage and interest. It is a smart move to get  prequalified for a loan first by having a lender assess income as well as other debts before looking for a house.
Next is the down payment, which is the initial amount of money needed to buy a house with a mortgage. This can vary between 5 and 20% of the sales price of the home. It is important to also have enough money for closing costs, moving costs, any home repairs, or other costs after paying the down payment.
Buying a house also requires closing costs to be paid, such as the fee for a credit report, appraisal fee, or prepaid expenses for property tax escrow and homeowner’s insurance.
Many people wind up borrowing money when buying a house. There are many different financing options, particularly for a first time buyer. While there are traditional fixed rate mortgages for buying a house, many loans also provide variable terms. In order to find the best deal, shop around for a loan. Important factors to look at include interest rates, closing costs, down payment requirements, and loan availability. 
When looking at a potential loan, some good things to consider are:
The required monthly down payment, interest rate, and term
The down payment
Cap on an adjustable-rate loan
Other options to deal with the fluctuations in interest
The possibility of the amount owed increasing above the original loans
It is best to get professional help, such as an agent in order to have the most informed decision of whether buying a house is the right move.

Short Sale

Short Sale

What Is a Short Sale?


What Is a Short Sale: Introduction


A short sale usually refers to the sale of a stock that the seller does not own. An investor can take part in short sales by selling a stock that he does not actually own. This often happens when an investor is under the impression that a stock will do poorly and the price will fall. By completely a short sale, the investor can pick up the stock at a lower price and make a profit of the difference. On the other hand, if the price goes up, the investor has a loss of the difference.
What is a Short Sale: Who Owns the Stock?
The stock in a short sell does not actually belong to the investor but rather is loaned out by a brokerage firm. This can be either from a margin account of another client of the firm, the firm’s inventory, or another brokerage firm. When dealing with short sales, there are often charges and fees that are applicable. For example, if the borrowed stocks pay a dividend, the investor will have to pay the dividend to whomever the stocks came from, whether it was the firm making the load of the person.

What is a Short Sale: Example


An example of a short sale would be selling shares of a stock at $50 a share after borrowing them from a brokerage firm. If the price declined to $30 a share, the investor would then proceed to purchase the shares back on the market in order to replace the original shares. In this situation, the investor would make the difference, or $20 a share. After taking out any fees such as transaction costs and commissions, he would be left with his profit.
What is a Short Sale: The Legal Lines of Short Sales
While short sales are legal, there are certain manipulative practices that are not allowed. Specifically, short sales cannot be used to change the price of the stock. This would entail performing a series of short cells in order to feign trading activity or to lower the price of the stock in order to suggest the sale of the stock to others.
A slightly less clear aspect of what is a short sale the legality of short sales deals with “naked” Short Sales. In this situation, the seller is unable to make the delivery of stocks to the buyer with three days period and can result in either a short or long sale. This is not considered illegal if there is a legitimate reason to failure. However, doing this with the intention of not having located a stock to replace the initial ones or in hopes to lower a stock’s price is illegal.
What is a Short Sale: Short Sale Positions
More information on what is a short sale and its positions can be found through monthly statistical publications by the SROs relating to the shares found on their market. Furthermore there are certain newspapers and commercial websites that offer the same information.

Home Refinance

Home Refinance

The Benefits of a Home Refinance


A home refinance is the process of getting a new mortgage in order to pay for an existing mortgage. Individuals most often take advantage of refinancing when the change in interest rate is beneficial or the new payment plan is easier to follow.
There are many different benefits of going through a home refinance:
Getting a new loan that has a lower interest rate
Adjusting the length of a mortgage. This can be either to increase the term and reduce the amount paid monthly or to get a shorter term mortgage, which often provides lower interest rates
Going from an adjustable-rate mortgage to a fixed-rate mortgage. Changing to a fixed rate mortgage means the interest rate will be steady on a month to month basis. This is also beneficial if an individual anticipates rates increasing in the future.
Getting an adjustable rate mortgage with improved terms. This can mean a lower starting interest rate, lower payment caps, or lower interest rate adjustments.
Cashing out the home’s built up equity: When refinancing for an amount that is greater than the amount owed on the house, it is possible to get the difference as a cash payment through cash-out refinancing. However, this will mean you own less of your home
While there are benefits to doing a home refinance, it may not be suitable to refinance a mortgage under certain circumstance:
If an individual has had the mortgage for a long time. The longer those payments have been credited to the principle, the lower the interest becomes. Deciding to refinance a mortgage would mean restarting the whole process where most of the monthly payment would go to paying interest as opposed to building equity.
Planning to move from the home soon. The difference in monthly payments may not exceed the costs of refinancing so a break-even calculation can be used to figure  out whether it is beneficial to refinance the mortgage
The current mortgage has a prepayment penalty. By paying the mortgage off early the lender may have the right to impose a fee that would charge for this. Sometimes the prepayment penalty can be waived if the same lender is doing the refinancing.

What Determines Eligibility for a Home Refinance?
The process to determined eligibility for a new mortgage in a home refinance is similar as the process used for approval in the original mortgage. Lenders will often look at assets and incomes, other debts, value of the property, credit score, and the amount of the mortgage needed. If the newer credit score is lower than the previous, it usually results in a loan with a lower interest rate.

What is the Expected Cost of a Home Refinance?
Typically, refinancing fees can be between three to six percent of the outstanding principal. This is in addition to any other possible fees, such as prepayment penalties or other costs.
The fees to refinance vary from lender to lender as well as state to state. Some of the fees include:
Application fee: cost of processing the loan request and checking the credit report, can be between $75 and $300
Loan origination fee: charged by lender to prepare and evaluate the loan, cost between 0% and 1.5% of principal
Points: A system where one point is 1 of the amount of mortgage loan. There can either be a loan-discount point, which when paid one time reduces the interest rate of the loan, or points charged by the lender to earn money on the loan. This can be between 0% and 3% of principal
Inspection fee: Professional can come and test or analyze the structural condition of the home. This can cost from $175 to $350.
Appraisal fee: appraisal of home to ensure the property is worth the value of the home which can cost between $300 to $700.
If an individual is hoping to do a home refinance and replace his or her mortgage, it is necessary to weigh the pros and cons. The goal is to save money so it is important to see if that is feasible for a given situation.

Connecticut Landlord Tenant Law

Connecticut Landlord Tenant Law

 

Guide to Connecticut Landlord Tenant Law

Whether you are a renter or a landlord, CT landlord tenant law offers you protections that go beyond your lease.  Connecticut landlord tenant law specifies responsibilities and rights for both landlords and tenants, and this guide can explain what those responsibilities are.  You will also learn how a landlord can legally evict according to CT landlord tenant law, and what tenants can do if their landlord is failing to uphold the lease terms.

Landlord Responsibilities

Landlords are required by Connecticut landlord tenant law to provide a dwelling that is habitable.  According to CT landlord tenant law, habitable housing must have safe hot and cold running water, functional heating and plumbing systems, well lit entryways and hallways,  and be free from pests or noxious odors.

In addition to providing a habitable place to live, Connecticut landlord tenant law requires landlords to make timely repairs to the property and uphold all terms of the lease.  CT landlord tenant law only allows landlords to enter a dwelling in order to perform reasonable inspections and to make repairs as needed.  In general, landlords are required by Connecticut landlord tenant law to give notice before entering a house or apartment.  However, if an emergency repair is needed, landlords are permitted by CT landlord tenant law to enter with little or no notice.

Tenant Responsibilities

Tenants are responsible for maintaining the cleanliness of their dwelling and paying their rent on time.  Rent may be up to 9 full days late before a landlord is entitled to evict under Connecticut landlord tenant law.  You must also give your landlord notice if you plan to move out, and must notify your landlord if a repair is needed.

While normal wear and tear is expected and will not impact your security deposit, CT landlord tenant law allows a landlord to evict a tenant for causing major damage beyond normal wear and tear.  If you or a guest damages the property, you are required to notify your landlord and pay for the costs of repairing the damage.

Evictions and Lease Breaches

Evicting a tenant may only be done for cause according to Connecticut landlord tenant law.  Tenants may be evicted for non-payment of rent, material breaches of their lease, or for “holding over” beyond their initial lease agreement term.  No matter what, no landlord is permitted by CT landlord tenant law to perform a so-called “self help” eviction.  This means that if your landlord attempts to evict you by shutting off your utilities, changing your locks, or removing your belongings from the unit, he or she is in violation of Connecticut landlord tenant law and you should seek legal help immediately.

If your landlord is refusing to make needed repairs, CT landlord tenant law does not allow you to deduct the cost of repairs from your rent.  Many people also believe that Connecticut landlord tenant law allows tenants to withhold rent if a landlord is violating the lease agreement, but this is not the case.  In order to be able to withhold rent or deduct the cost of repairs, you must go to court.  Talking to an attorney with experience in CT landlord tenant law can help you understand your legal options.

 

First Time Home Buyer Grants

First Time Home Buyer Grants

What you must know about First Time Home Buyer Grants

Grants Explained:
Grants are funds disbursed by a governing body, organization or corporation to a recipient (typically a nonprofit entity, educational institution, company or individual). The money obtained by the recipient is used to fund a program, educational program business initiative, purchase or innovation that is deemed beneficial to society. 
Organizations and government entities will offer grants to those who qualify; eligibility requirements will be outlined by issuing entity and evaluated through an application process. In order to obtain a grant, the entity in question must submit some form of “Grant Writing”—often referred to as a proposal or an application. 
Grants are offered to the aforementioned entity classifications to fund a specific project; the projects typically require some form of compliance and reporting to ensure that the funds are spent responsibly. Additionally, these funds are considered to be socially beneficial in some way; the majority of grants are used for educational purposes or for the formation of small businesses. 
In the United States, the grant writing process involves the applicant to submit a proposal stating why the underlying project is necessary and what the funds will be used for. In addition to funding such projects, grants may be also given to communities or individuals who have recently suffered from natural disasters or other calamities. 
What are First Time Home Buyers Grants?

First time home buyers grants are funds to provide down payment relief to prospective first-time home purchasers. First time home buyers grants may be obtainable for individuals (typically below or near the poverty line) who wish to buy home, but cannot afford the 20% down payment.
First time home buyers grants are offered by the United States Federal Government; the government offers up to $15,000 through a first time home buyers grant. Similar to other forms grants, the first time home buyers grant does not come with a repayment obligation; in essence, the first time home buyers grant is free money. The federal government extends aid to those in need to encourage home ownership, which in turn, bolsters communities and strengthens economies.
 
How do I get a First Time home Buyers Grant?
The first step to obtaining a first time home buyers grant is choosing the home you wish to buy; once this is accomplished, apply for a mortgage with your bank or mortgage company. You cannot apply for a first time home buyers grant until you have secured a mortgage or lending institution.
Once financing has been affirmed, check the available funding programs in your state. Visit the United States Department of Housing and Urban Development Website for a list of available programs in your area.
Decide which programs are best for you; make sure there’s funding available for that particular program. When a program has been chosen, download the coordinating application for the first-time home buyers grant and attach it with any other documentation for your lender to review. 

Connecticut Tenant Rights

Connecticut Tenant Rights

 

Guide to Connecticut Tenant Rights

If you are renting a house or apartment in Connecticut, it's important to understand your CT tenant rights according to state and federal laws.  This guide will explain several basic Connecticut tenant rights, as well as what you may legally do as a tenant if your landlord has violated any of your rights.  For more information on CT tenant rights, you may want to talk to a landlord tenant attorney or your local tenant rights organization.

Habitability

All rented dwellings must meet basic standards of habitability to comply with Connecticut tenant rights.  Your CT tenant rights require your apartment or house to have safe hot and cold running water, functional heat and plumbing systems, well lit hallways and entryways, and be free from pests.  Your landlord is responsible for making sure your unit is cleaned before you move in.

You are responsible for maintaining the cleanliness and habitability of your dwelling.  If your unit needs repairs in order to be habitable, you are required to notify your landlord in writing before you can take action in court according to your Connecticut tenant rights.

Quiet Enjoyment

Your landlord is required by CT tenant rights not only to provide you with a habitable space to live, but also to permit you “quiet enjoyment” of the premises.  That means that your landlord is not allowed to enter your apartment without a good reason.  According to Connecticut tenant rights, landlords may enter a tenant's unit in order to make needed repairs or perform an inspection, but only after giving reasonable notice.

Emergency repairs may be made with minimal or no notice without violating your Connecticut rights.  Your landlord always has the right to enter your dwelling in an emergency in order to prevent danger to you or other tenants, or major damage to the property.

Remedies

If your landlord violates your CT tenant rights, you may wonder what action you are legally allowed to take.  You may be able to break your lease without penalty if your landlord refuses to make needed repairs or does not allow you to quietly enjoy your property.  Many tenants believe that Connecticut tenant rights allow them to withhold rent or deduct the cost of repairs from their rent.  While these are remedies that are allowed in some states, CT tenant rights do not permit them.

In order to force a landlord to make repairs in order to make your dwelling habitable, you must go to court and obtain a court order.  This court order may demand that your landlord make the repairs in a certain amount of time, and may allow you to deduct the cost of repairs from rent if your landlord continues to neglect the unit.

Evictions

Any landlord attempting to personally evict a tenant by changing his or her locks, shutting off utilities, or removing his or her belongings from the unit is in violation of Connecticut tenant rights law.  Landlords may only obtain an eviction order from the civil court system.  If your landlord is trying to evict you with illegal methods, seek legal help right away to help you protect your CT tenant rights.