Frequently Asked QuestionsSummary of Services
Fee Schedule Summary
Frequently Asked Questions
1. Rental Increases - All leases are signed for a twelve (12) month period with an automatic month to month renewal. Once the original lease period is over – the property will be subject to annual rent increases. These rent increase are generally based on the most current CPI Index released by the Federal Government on an annual basis. This increase could be higher depending on other factors such as: the average water usage from previous year, tax increases or any other fees that may have affected the net profit margin to the owner.
2. Security Deposits - Maryland state law requires that all rental security deposits be held in an interest bearing account which is NOT commingled with other funds. Depending on the length of tenancy, the tenant may or may not be entitled to the interest earned at the time their tenancy is terminated. As part of the property management function, Goldstar Advantage Realty and GoldstarSelect Realty, LLC will establish such accounts, hold the monies, and distribute to the tenant at the end of their tenancy. The amount distributed will depend on such factors as condition of the property, late fees, unpaid utilities, e.g., water bills.
3. 30% Early Termination Fee - This requirement will be waived for all client relationships of two (2) or more years.
4. Water Bills - Water usage should be built into the rent charged the tenant. Any increases in usage by the tenant, based on the monitoring of the water bills by the Property Manager, should be passed directly on to the tenant. If the tenant fails to pay the difference, the amount will be carried forward and then deducted from the security deposit. At the end of the year, the average for the water bill will calculated and the rent will be adjusted if necessary.
5. Code Violations - Code violations are the responsibility of the owner to correct. However, it is the Property Manager's responsibility to ensure that the owner is immediately aware of any code violations since part of the property registration is to provide the Property Manager's name and address – code violations will be sent directly to the property manager by the local jurisdiction. All code violations will then be promptly mailed to the owner. A follow-up call will be made to the owner to establish a plan of action for the correction of the violation.
6. Rent Court and Eviction Proceedings - Various jurisdictions require different processes for seeking compensation for delinquent rent and for evicting non paying tenants. The property manager can institute the process by completing all required paperwork and by appearing on behalf of the owner at any proceedings. A fee of $50.00 per hour has been established in the Rental Management agreement for this purpose. The eviction process usually entails court proceedings in addition to the actual physical eviction of the tenant. In most jurisdictions, this process is supervised by the Sheriff's Department. The Property Manager, acting on behalf of the owner, will meet the Sheriff with a crew to execute the eviction. Owner will be responsible for the all costs and expenses incurred during the eviction process.
7. Property Registration - Property Registration varies by jurisdiction. For example, Howard County Maryland requires a property registration while Anne Arundel County does not require any type of registration. In Baltimore City , the Baltimore City Code requires every owner of a non-owner occupied residential unit, whether occupied or vacant, whether it is producing revenue or not producing revenue, whether it is habitable or not habitable shall file a registration statement with the Commissioner of Baltimore Housing. This must be done upon any transfer and every September 1 st thereafter. This registration also requires owners to indicate whether they are in compliance with the state lead poisoning prevention laws.
8. Handing Over Properties - Upon entering into a property management agreement with Goldstar Select Realty, LLC, the property manager will complete a checklist of required documentation and tasks to be completed such as but not limited to:
Current Lease (if not vacant)