Are you a landlord or have a house in Washington that you are renting? This is an important update related to the Covit19 Rental Landlord Update for May 2020 that you should pay attention to.
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Transcript:
hey there! this is jack with angel home solution.
i am bringing you another update regarding rental laws in our area in Washington.
There are recently three updates about
- Rent invoicing requirement,
- eviction memorandum and
- rent increase prohibited
throughout this hard time, we are tracking events around Coronavirus (covit19) pandemic. Angel Home Solution remain committed to updating you on specific events impact rental property and real estate industry.
Several new law and emergency measures have been put in place in recent weeks, that will continue to impact you and me, and how we manage home or rental as well.
Who is this article for?
This will be applicable for you, if you have a rental um or you are having a tenant who is impacted by the covit 19 in some form or another. the following list of the current requirement are in effect across washington state so first one is
Rent Invoicing Requirement
Rent Invoicing requirement prior to notifying your tenants of any Rant amount due, the landlord is now required to offer a reasonable payment plan based on the individual finance, health, and other circumstances of that resident. So make sure you communicate with your Tenant and then offer a reasonable payment plan, repayment plan and have to work that out.
What we do at Angel Home Solution is we will work with the tenant and have them only pay the hard cost, not the full amount. we are not taking that extra $300, $400, $500 profit for the investment so that’s how we do.
This is applicable to all tenants and will impact the May Rent, the coming month rent statement that you will see if your tenant could not pay, if your tenants have been affected and are unable to make their May’s Rent payment. Definitely you should work with them early.
Eviction Memorandum
The second one is the Eviction Memorandum. This is current through June 4th. However, we are expected to be extended as a Stay Home Order probably be extended past May 4th or there is some business that kind of be reopened as we unfold this event with the dial back.
So during this time period, the late fee is prohibited as well as reporting late payment amount without first offering a payment plan. No Notice to Vacate of any kind no notice of vacant of any kind can be served or enforced during this period as well, which we do internally we are waiving late fees since this crazy time started seeing my last update um and then also you know we’re not doing any Notice to Vacate, we’re not evicting anyone and we wave all of that fee.
Rent Increase Prohibited
The last one is Rent Increase Prohibited typically a tenant will be a month-to-month or on a Lease Period. Now it is prohibited to increase the rent on both cases. Most people will do a Rent Increase when they renew the lease whether that is every year, or every couple of years, every five years. During this time it is prohibited so make sure you know the law. That is super important don’t get yourself into trouble.
If you are conducting internal walk-through inspection every six months or every year. We totally recommend to hold off on that until the Stay Home Order is lifted as well. We don’t want people to get in trouble.
If have not already, we recommend that you reach out to your lender to check on your payment deferral options. We created some videos regarding mortgage forbearance program how to work with your lender to get that, and what the result looks like on my experiment and then we also share two pitfalls that you have to avoid during this time. don’t fall under those good news pitfalls. It could potentially cost you a ton of money. This link will take you to Youtube video about the Mortgage Assistant Result and 2 Good News Pitfalls: https://youtu.be/pd-Fc0mC5lg