If you are planning to rent out a property, there are many things you need to consider. As your Phoenix real estate lawyers, we can help you with all of your real estate needs. From lease agreements to terms and conditions, we can offer counsel to landlords on the essentials.
A lease or rental agreement is a contract. And like most contracts, it is legally binding. Unless expressed in the document, you have to comply with the terms in the document. Most agreements include information like length of lease and rent amount. Furthermore, there are basic terms that should be included. As Phoenix real estate lawyers, we’ve compiled the following list for you:
- Names of all tenants. All tenants over the age of 18 years old should be listed on the lease. All tenants should also sign the lease. Naming the tenants ensures that each tenant is legally responsible.
- Limits on occupancy. The rental agreement should state that the home is the residence of only the tenants who have signed the lease. Minor children are added as occupants, not tenants. Some exceptions can be included here, such as guests. In most agreements, any guest staying longer than two weeks must be added to the lease.
- Term of the tenancy. Every rental document should state whether it is a rental agreement or a fixed-term lease. Without this term, leases are month-to-month. The term indicates how long a tenant is going to rent the unit and typically rates are based off of stay.
- Repairs and maintenance. Identifying the process for repairs and maintenance is very important. It’s a way to protect yourself from potential problems. You can clearly set out your and the tenant’s responsibilities for repair and maintenance in your lease or rental agreement.
- Rent. The lease or rental agreement should of course specify the amount of rent. The due date needs to be included as well as payment methods. Fees like late fees, court fees and utilities should be listed.
Of course, this is not an exhaustive list. There are additional items such as deposits, pets, security and property rules that are usually included. For help on your rental and lease agreement, our experienced Phoenix real estate lawyers at May, Potenza, Baran & Gillespie are here to make sure your agreements are in order. For more information, please contact us today.
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