When the moratorium is no longer in place, both Landlords and Tenants will have some important decisions to make.
Tenants will be responsible to pay for any rent that was not paid during the COVID-19 moratorium.
Tenants will have 12-months from the moratorium end date to pay any previously owed rent during COVID-19. In order to responsibly pay any back-owed rent, it is essential to develop a payment plan which would allow a tenant to pay their rent diligently and responsibly to the landlord.
On the other hand, Landlords will be responsible for collecting any and all back-owed rent. To do so, they must get in contact with each of their tenants and establish a payment plan to ensure they will receive all previously owed rent. It is essential for Landlords to actively pursue their tenants to join a payment plan because a tenant that is unprepared for repayment will struggle to pay back any owed rent in addition to the current rent owed.
At the Law Office of Jack Kakoian we specialize in Landlord/Tenant laws and are prepared to aid in the formation of these repayment plans for both Landlords and Tenants. For tenants, we will make sure you know your rights and will ensure you are placed on a repayment plan that is both feasible and reasonable. For Landlords, we will help devise repayment plans that would ensure you collect all back-owed and current rent.
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