Workflow Templates: Legal Compliance Checklist for New Properties

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Legal Compliance Checklist for New Properties

Property Acquisition and Zoning Compliance

Verify that the property is zoned for its intended use

Check for any zoning changes that could affect the property

Ensure compliance with local land use regulations and ordinances

Building Codes and Safety Standards

Inspect the property for compliance with local building codes

Review fire safety systems and ensure they are up to code

Evaluate accessibility features to comply with ADA (Americans with Disabilities Act) requirements

Housing Regulations and Fair Housing

Familiarize with Fair Housing Act to prevent discrimination

Ensure compliance with local rent control or rent stabilization ordinances

Review and update lease agreements to meet state and federal laws

Environmental Regulations

Conduct an environmental site assessment for potential contamination

Comply with EPA regulations for lead-based paint in older properties

Check for compliance with local recycling and waste disposal laws

Insurance and Liability

Obtain property insurance that covers all potential liabilities

Review and update liability coverage to reflect property-specific risks

Ensure that all contractors and third parties have adequate insurance

Financial and Record-Keeping Compliance

Set up accounting systems in accordance with GAAP (Generally Accepted Accounting Principles)

Maintain accurate and complete records of all financial transactions

File property taxes and other required financial reports timely

Tenant Relations and Management

Develop a system for addressing tenant complaints and repair requests

Create a clear policy for tenant screening and selection

Establish protocols for handling late payments and evictions in accordance with the law

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