A landlord is the owner of a house, apartment, condominium, land, or real estate property that is rented or leased to an individual or company, referred to as a tenant. 

In other words, a landlord is a person or organization that owns a residential or commercial building or a piece of land and lets it out at a cost for other people to use it.

The person who rents out or leases the property is called the landlord, and the person who takes the property on rent or lease is called the tenant.

Other terms used to describe the landlord include lessor, owner, proprietor, leaseholder, and property owner.

Contrary to general belief, the responsibilities of a landlord are not limited to selecting a tenant, signing an agreement, and collecting monthly rent or lease amount. They are also responsible for their tenants as well as the property. Landlord responsibilities include:

• provide the tenant with decent accommodation in exchange for a fair amount of monthly rent.

• ensure the building is structurally sound, and all interior fittings (originally provided or as agreed specifically), such as appliances and furnishing, are in perfect order.

• to maintain a peaceful environment for the tenants and help address their issues.

• paying property taxes and maintaining proper insurance (if any or if agreed upon)

• screening tenants, including verifying their antecedents, especially rental history.

• finalizing the rent and the security deposit amount, drawing upon the rental agreement, and registering once both parties sign it.

• making the tenants aware of their responsibilities towards the upkeep and responsible use of the property.

Are you contemplating renting or leasing out your property? While renting out vacant property is a great way of generating extra income, The landlord or property owner should be prepared to face all the challenges of being a landlord.