Self storage companies are doing great business these days as more and more people are opting for storing their articles at facilities outside their houses. The industry has grown at such a pace that more and more people are trying to cash in on the business. You too might be thinking of investing in such a business if you have the money. But in that case you need to worry, among the other things, about the legal implications involved in it. It has been found that riding on the wave of new opportunities, few people find time to get themselves clear on the legal matters before getting on with the business.
If you are going to set up one of those self storage companies , you must be very clear about the legal definition of such a facility. On the overall it states that a real property that has fifty or more enclosed space which are rented out to individuals or businesses or to both for the purpose of warehousing is called a self storing facility. This definition holds good for all the states but the other minor rules may differ from state to state. Fifty units is a standard that is safe across all states but some states allow lesser number of units to start with. So it is your duty to get it clear what is your state law regarding self storing facilities. Also it must be made sure whether your start warehousing facilities or facilities for storing vehicles can be termed self storing facilities.
As one of the self storage companies the first criteria to qualify as such should be to let out or lease out your property which is designed and used for storing purpose only. These units are rented out individually to the occupants who have access to such units for the purpose of storing or removing there personal properties. You must make it clear that the self storing properties are not warehouses as per law. So you should not issue any warehouse receipt, bill of lading or any document of title for any personal property that is stored in your facility. However, some states need a proper written agreement for renting out. Renting covered parking space and open lots has no clear definition as self storing facilities.
The occupant is a person who hires an individual space in the facilities provided by the self storage companies . This does not include the rent of space that is not particularly defined or the services like container rents for storing which are stored in the warehouses of the storing companies. If the space where a person stores his vehicle is covered and defined clearly then it has a remote chance of getting termed as a self storing facility.
When you are going in for a business of self storage companies you must make sure that you are insured against any default on the part of the hirer and make sure that you can recover your dues in case a customer does not pay his rent. If you fall within the purview of self storing facilities you can then have the legal support of lien on the properties of the defaulter and his storing unit. In any case you will be doing business on stored property of someone else and there are a number of legal matters that are beyond the scope of vision of an ordinary person. So it is best to consult an attorney before starting any business involving self storing.
Furniture Storage in Waldorf
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Disclamer: This entry is intended to promote our partner StorageMart and some or all participants received compensation.
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