AZ Rental Agreement Forms – “The Devil is in the details”

August 6, 2014 | Rental Agreements Tenants
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AZ Rental Agreement Forms

AZ-Rental-Agreement-Forms-Magnifying-GlassThe old saying “the devil is in the details” has never been more true when it comes to Arizona rental agreement forms (lease agreements and applications for example) when renting a home.

Whether you are the tenant or the investment property owner for an Arizona property, the only true way to protect yourself is in a sound, legal rental agreement. In today’s crazy housing market you want to be sure you have every possible scenario detailed in the agreement so there is no confusion or loophole that could possibly be exploited by either party.

Did you know there is a difference between a rental agreement and a lease? In Arizona, for example, if you wish to rent your property, the rental document must state whether it is a rental agreement or a fixed-term lease. The difference is:

 

  1. Rental agreements are usually a shorter term and can run from month-to-month and may self-renew unless it is terminated by the landlord or tenant. Under Arizona law, at least 30 days’ notice must be given by the party that wishes to terminate the lease before the next month’s rent is due.
  2. Leases are different because they set a specific beginning and expiration date. A lease obligates both landlord and tenant to a specific term, typically a year.

AZ Rental agreement forms have evolved through the years. It used to be a handshake was as good as a man’s word. But those days are long gone and we now have to protect ourselves, and our property to the extent as far as the law will allow. The details, or clauses, outlined in each rental agreement can be as minor as how trash collection is handled all the way to what may lead to an eviction proceeding.

Some important clauses in a rental agreement form:

  • Names of all tenants
  • Address of property
  • Length of tenancy
  • Amount of monthly rent and what specifically is covered in the rent (utilities, etc…)
  • Security Deposit
  • Pet allowance
  • Landlord entry into property
  • Repairs and maintenance
  • Severability
  • Disclosures

All these things have important elements to them and each item should be reviewed carefully. As an example, one thing that stands out is the security deposit. A security deposit is exactly what it says – security. This is not only for the landlord’s security, but the tenants as well. The security deposit is also one place where landlords can get into a bit of trouble! A security deposit should always be kept in a separate bank account (escrow) that is disclosed to the tenant upon entering a rental agreement. Upon termination of the rental agreement, if all parties agree the property is in good condition and there are no violations to the agreement, the security deposit must be returned to the tenant within 14 days. So it is never a good idea, as a landlord, to go and spend the security deposit money! You will have to come up with that money eventually and it can turn into a legal nightmare if it is not returned promptly.

Whether you are you are looking to rent, or looking for a renter, protect yourself! Always have your rental agreement form reviewed by an expert, either an attorney or a property management company. It makes all the difference so you can enjoy your new home!

At KRK Realty & Management we have a lease created by legal counsel for our company. We want to have long term happy tenants and have created the lease to encourage long term, one year leases without the option of month to month.

Take a look at all the available rentals we have to offer. Know that when you sign a rental agreement with us you’ll be protected as well as we will be.

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