Hey there BP! Unfortunately, death is a part of life, and sometimes it’s a part of being a landlord. If you are a landlord for long enough, odds are you will have to deal with a tenant passing away while in a lease at one of your properties. We’ve had it happen several times. I can tell you that it’s an odd space to be in: You’ll have to deal with the human side of it when working with the tenant’s heirs, but you’ll also have to do what’s right for your company. There are also state-specific laws that you’ll need to abide by in these circumstances.
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What to Expect
In today’s video, I talk about how to straddle the human and business sides of things. I discuss how best to prepare yourself for these types of occurrences (and other emergencies) up front when you sign a lease with your tenant. I also identify how to handle the tenant’s relatives — who may request to access the unit and the tenant’s possessions — because there are rules dictating who can have access to the space. Lastly, I address who is responsible for the rent and removal of the tenant’s possessions.
Thanks for watching and have a great and profitable week!!
Once you watch the video, be sure to leave a comment here on BP! Have you ever had one of your tenants pass away ? How did you find out? And how did you deal with it? I would also love to hear about different state laws, as I understand they are very different in dealing with the death of a tenant.