ADVISING

RESIDENTIAL CLIENT
Residential Real Estate
The legal arrangement for the right to occupy a
dwelling some countries is known as the
housing tenure.

Types:
∙ Owner occupancy
∙ Tenancy
∙ Housing cooperative
∙ Condominium
∙ Public housing
∙ Squatting
∙ Cohousing
Major Categories of Residential Real Estate

Attached/multi-dwelling units

∙ Apartment- an individual unit in a multi-unit building.

- Multi-family house- often seen in multi-storey detached buildings, where each floor is a separate apartment or unit.
- Terraced house (a.k.a. townhouse or rowhouse)- a number of single or multi-unit buildings in a continuous row with
shared walls and no intervening space.
- Condominium
- Cooperative (a.k.a. co-op)- a type of multiple ownership in which the residents of a multi-unit housing complex own
shares in the cooperative corporation that owns the property giving each resident the right to occupy a specific
apartment or unit.
Major Categories of Residential Real Estate
Semi-detached dwellings

Consists of pairs of houses, built side by side as units sharing a party wall and usually in such a way
that each house’s layout is a mirror image of its twin.
• Duplex- two units one shared wall

Single family detached home

also called single-detached dwelling or separate house is a free-standing residential building.

Portable dwellings

∙ Mobile homes
∙ Houseboats
∙ Tents
 Basic Steps in A
Residential Real
Estate Transaction
1. Making the right choice
2. Know what you want- list all the essential
and non-essential (wish list) features you
require in your property.
3. Be informed- learn about market value of
a property by researching, educate
yourself about building terms, attend
auctions and monitor results
4. Shop around
5. Dealing with an estate agent
6. Take your time- never rush or be
pressured into hasty decisions.
7. Read before you sign
Residential Rentals/Leases

Establishing a sound landlord tenant relationship:

- Move in inspections
- Servicing the lease
- Clear understanding of the lease terms
- Handling of maintenance request
- Successful property manager will encourage both the landlord and tenant to work together
because good tenants are assets.
- Given diligent fair and equitable service, tenants will renew their leases for an additional
term, often at a (higher) market rentals.
- Renewal save the owner refurbishing costs, vacancy loses, leasing commissions and
renewed concessions
- Rent collection
- Encouraging prompt payments
 Lease renewals
- Value of stable tenants
- Bargaining factors- length of new lease, extent of repairs, redecorating and
alterations and amount of rent to be paid.
- Concessions- construction, rental rate, proper notice and completion

Rental increases
- Fact of life-economic realities dictate that periodic increases is justified
- Avoiding tenant protest-vacancy loss due to rental schedule
- Increase service

Terminating The Tenancy

- Reasons for eviction - Process
- Notice before eviction suit - Actual Removal
- Eviction suit

Reasons for eviction

- Non-payment of rent
- Breaches of other terms of lease agreement
Guide to Good
Tenant Relations
- Choose tenants wisely
- Be kind to your tenants
- Do not be push over
- Take care of your property