Is it safe to rent?

The horror stories are beginning to flow now that the foreclosure rates are hitting an all time high. Renters are being displaced with their security deposits no longer secured.

Case in point: A family contacted me today looking for a place to rent. They had lost their home to foreclosure six months ago and with their bad credit scores, felt very fortunate that they were able to find a nice home to lease at a very reasonable rate. Life was just beginning to settle when they received a notice in the mail that the home they were currently leasing was going to be Foreclosed in 10 days. They tried contacting their Landlord to no avail. The Landlord's phones were disconnected. Since their landlord lived in the UK, they felt they had no recourse. They sent certified letters to no avail. Their $10,000 security deposit was gone and they had now only a few days to find a new home.

The downfall to this story is that this family decided to represent themselves in negotiating the terms of their lease. The Landlord dictated the terms and conditions and used a "handmade" lease contract to create their lease agreement. Neither party adhered to the Florida Landlord and Tenant Act.

It is important for all of us to realize that this market, as with any market, is a fest pool for potential fraud. If it sounds too good to be true, BEWARE! Desperate times produces desperate people and that is when most fraud occurs.

Education is the key to preventing fraud. I encourage everyone attempting to creating a lease, representing a client in preparation of a lease, or for personal representation; to download a copy of the Florida Landlord and Tenant Act at the following web address: http://www.800helpfla.com/landlord_text.html

What you don't know can and will hurt you.