A lease agreement between tenants and Arlington, TX property management companies is a legal document that needs to be prepared carefully by management and read thoroughly by tenants before both parties make an agreement. The simple details of a lease are that a property owner agrees to provide housing, and the tenant promises to pay rent for that housing. Unfortunately, more needs to be in a lease to adequately explain conditions and policies, and to protect both parties. Although you can legally prepare a lease without the help of a lawyer, you can always ask a lawyer for proper direction to avoid mistakes in the document.
Items to Consider Including in a Lease
Security deposit information— Texas law does not limit how much a landlord can charge for a security deposit. The law does require that the deposit needs to be returned within 30 days of a tenant leaving the property. Landlords can also include deposits for pets if animals are allowed in the rental agreement.
Rent Collecting Policies— Rent policies are more than just setting a rate and then expecting money to come in every month. The lease is the document that explains all aspects of the rent and sets up expectations with collections.
- When is rent due
- Where is it paid
- How is it paid
- What fees are charged for Insufficient Funds
- What are the consequences for late payment
- Do extra pet fees apply
Lease Termination— A lease can be terminated at any time if both parties agree. Things get more complicated when a tenant has failed to pay rent, or the tenant needs to leave the rental unit for some reason. It is important that when the lease is being prepared, the landlord carefully follows regulations regarding early lease termination and evictions.
Eviction Policies— Evictions are an area where landlords could benefit from the services of professional property management. Arlington, TX landlords can legally give a non-paying tenant an unconditional quit notice which gives the tenant a certain amount of days to move out. Eviction policies need to carefully follow all state and local laws. These policies also need to be clearly laid out in the lease agreement.
Local libraries and law libraries open to the public are great places to find information for landlords attempting to write their own lease agreements. Remember to be aware of federal, state, and local statues surrounding the rights of both tenants and landlords.
Tenants and Landlords can always negotiate a lease. But first you need to know what is necessary and needs to be solidly clear in the document, so rental mistakes aren’t made down the road. The safest route to go when preparing a lease is to come into your local Specialized Property Management Specialist where our in-house legal team has over 30 years preparing leases that are sound and comprehensive. We are the expert leader of Arlington, TX property management companies that work with integrity and according to the law. We want you to experience the satisfaction of hassle-free property management. Learn more about our services at (www.specializeddallas.com)