Know Your Lease Form

Posted by Glenn Bancroft

know-your

I can’t believe the number of different lease forms that are available both online and in office supply stores. If you are going to own rental property, get to know the local laws and how they affect the form that you choose. Most of the forms that I see do not make provisions for State or Local statues, rules or ordinances, and this can be catastrophic if you have to evict a tenant.

I just had an owner hire us to take over his portfolio after managing it himself for years. The lease form he used allowed him to refund the security deposit within 30 days of the tenant’s vacancy. No problem??? WRONG!!! In Arizona, the statutes require that the deposit be refunded or accounted for within 14 business days, the penalty is THREE TIMES the deposit in your former tenant’s pocket regardless of damages, unpaid rents or other allowable deductions. NO questions, NO excuses. This is a simple, but costly mistake thanks to a generic “off the rack” form.

Get your forms checked by a licensed Broker or attorney to insure they will do what you need, when you need it!

The data relating to real estate listings on this website comes in part from the Internet Data Exchange (IDX) program of Multiple Listing Service of Southern Arizona. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Listings provided by brokerages other than Bancroft & Associates are identified with the MLSSAZ IDX Logo. All Information Is Deemed Reliable but is not guaranteed accurate. Listing information Copyright 2019 MLS of Southern Arizona. All Rights Reserved.

Updated: 14th August, 2019 8:02 AM.