Drafting a quality lease is a multi-faceted process that requires the help of Phoenix real estate lawyers. Here are a few of the most important things to include when drafting an effective lease agreement:
All Present and Accounted For
One of the most critical steps to take when drafting a lease agreement is to specifically account for each tenant who will be living in the rental unit. For married couples or partners, this means both parties should be named as tenants on the agreement.
This way, all tenants will be legally responsible for the terms and conditions agreed upon within the lease, including the amount to be paid and all of the property’s limitations and use restrictions. Practically speaking, this provides a legal avenue to pursue rent collection from any tenant if others skip out on their monthly payments or are otherwise unable to pay.
Similarly, if one tenant violates the lease agreement, you can end the tenancy of all tenants on the lease if you so desire, which can be invaluable when faced with undesirable tenants.
Specify Exact Amounts
Always specify the exact amounts for rent in the lease agreement. Also, be specific with regards to deposit costs and other fees. Specify the exact dollar amounts for rent, deposits and any additional fees, and clearly state how the funds should be paid. Mentioning the exact costs of late payment fees and bounced checks is also a necessary step to take.
Finally, outline the return policy for security deposits and any non-returnable costs such as cleaning fees. This way, tenants fully understand their financial obligations inherent to the lease agreement.
Be Clear on Limitations and Restrictions
The lease should also state the limitations and restrictions on the tenant activities. Make sure to note that illegal activity is not tolerated. You can also include optional restrictions such as pet limitations and keeping your place a non-smoking rental. Phoenix real estate lawyers can help ensure that your limitations and restrictions comport with Arizona law.
Similarly, spell out the procedures for repairs and maintenance. Tenants need to know how those repairs should be made and who will pay for the costs. The lease agreement should clearly state that abuse of property or property neglect will make tenants liable for the repairs.
Create a Binding Contract
Finally, ensure that all parties on the lease sign and date the lease agreement. Without this crucial step, the lease would be of no value, but with signed agreements on the part of both the tenants and the landlord, the lease becomes a binding contract.
These are just a few of the issues to keep in mind when drafting effective lease agreements, and utilizing these tips and our experienced Phoenix real estate lawyers will help you create a comprehensive lease agreement. Contact our experienced Phoenix real estate attorneys at May, Potenza, Baran & Gillespie to draft a quality lease.
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