Start using this Workflow
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
