Lease Agreement Requirements in Texas

Arlington rental property management companies

Each state has laws to govern and regulate the relationship between a tenant and a landlord. By signing a lease or rental agreement, a legal contract is formed between the tenant and landlord which binds them to the terms outlined in the document.

Although laws regulating this agreement will vary from state to state, most rental agreements, including those used by Arlington rental property management companies, include the same basic features:

    • Names of parties involved (primarily the tenant and landlord or property owner)
    • Address and description of property
    • Duration of lease commitment
    • Cost of rent (and its monthly due date)
    • Cost of security deposit
    • Procedure for requesting repairs or maintenance
    • Information on pets and requirements surrounding having them in the unit

Texas rental agreements can be different in these ways:

    • Disclosures: An Arlington property management company must disclose information about individuals authorized to act on behalf of the landlord in cases where the landlord fails to satisfy the rights of the tenant by making necessary repairs.
    • Security Deposits: Texas state law does not regulate the amount a landlord may charge for their rental security deposit; however, it does require that deposits must be returned within 30 days of the tenant’s move.
    • Small Claims Lawsuits: For tenants wishing to sue Arlington property management companies in a Justice Court for the return of their deposit, they can do so but must limit the suit amount to $10,000.

Texas law regulates late fees and the time frame in which a tenant must move if he or she has not paid rent. It regulates a tenant’s right to withhold rent, eviction rules, and retaliation situations. There are many laws and regulations surrounding this short document, and you should research these thoroughly to ensure you understand the laws as they apply to your specific rental situation.
For more information on how to navigate through these legal matters, enlist the help of our Specialized team of managers. These experts can guide you on general matters about property management as well as the specific regulations as they apply to an Arlington property management company. Visit www.specializedrpm.com

The Lease Agreement

property managers in Arlington

Property managers in Arlington, TX use the lease agreement to protect both themselves and their tenants. It is an important binding document detailing the exchange of money for the temporary use of property. Beyond this simplification of the agreement, the specifics can become much more complicated and can include topics like pets, late fees, repairs, or even whether or not a tenant can put nails in the wall. Although most rental agreements are relatively standard, Arlington property management companies have experienced enough in the world to know that renters come with their unique personalities and situations. Sometimes agreements need to be tailored. Through good communication and respect, property managers and tenants can work through the details of any circumstance to make the agreement to fit individual needs.

After the signatures are in place in a lease agreement, Texas law outlines three basic ways property managers in Arlington, TX can terminate the agreement.

The Lease Expires

Most lease agreements are established with an expiration date. At the conclusion of the agreed upon time, a landlord may invite a tenant to renew a lease, but renewal is entirely voluntary, and the original lease is no longer in effect. This is the easiest way to terminate a lease.

All Parties Agree to End

A tenant’s or property owner’s situation may change over time, and this unpredictable nature of life’s circumstances may lead to a party needing to terminate the lease before its formal expiration. Arlington property management companies are required by state law to release a tenant from obligations in the lease agreement when a protective order is issued because of domestic violence, and a tenant needs to move for safety reasons. A tenant called to active military duty is also released from agreement obligations if he or she gives a 30-day notice of cancellation. The original lease agreement should detail the terms in which a tenant may request an early cancellation for any other reason. Clearly defined terms and good communication are the keys to ensuring this process also remains respectful.

One Or More Parties Void the Terms

A violated lease is the most difficult situation in which an agreement ends. When terms of the agreement are violated by either the tenant, the property managers in Arlington, TX, or both, the agreement can become void. This is typically the most unpleasant reason for ending a lease agreement. An example of a void lease could happen if a property manager fails to abide Texas state codes requiring a property be maintained to a certain health and safety level. If tenants fail to pay rent or repeatedly break policies, Arlington property management companies can evict a tenant prior to the lease’s expiration date.

Even if a void lease is inevitable, to prevent the situation from becoming an unfriendly headache, try to apply some of these principles preemptively:

    • Communicate clearly and repeatedly in writing
    • Be respectful and courteous, even if the other party is not
    • Document everything
    • Ensure the lease is void before pressing the issue   

Our Specialized team has over 30 years of lease agreement experience with a 98% satisfaction rating. Let our property managers in Arlington, TX handle all three of these situations for you. Give us a call today or check out our website at (www.specializedrpm.com)

Negotiating Lease Agreements Takes Work

Arlington property managers

 

Your lease agreement forms are legal and binding documents that can serve to protect both you and your tenants if drafted well. Quality forms don’t just happen, and need to include a lot more than simply that the property owner agrees to provide housing and the tenant promises to pay rent for that housing. Quality forms take time and effort, as well as the skills that come from experience in this industry. A well-written lease agreement will arm Arlington property managers with a tool that can help them succeed.

Arlington Property management companies can guide you through the process of drafting an adequate lease, and legal counsel from a licensed attorney can also be appropriate if you need help certifying the quality of the drafted document. But to get you started, here are a few items to consider including in a lease agreement.

  • Security Deposit Information

Texas law does not mandate a cap for security deposit amounts. The law does, however, require that a tenant receive the deposit back within 30 days of leaving the property. Detailed information about deposits for pets would also be appropriate if you choose to allow pets and require an associated deposit.

  • Rent Collecting Policies

To establish payment policies, you need to do more than merely document the rate and tell your Arlington property managers to collect payments. If you expect to see a monthly payment come your way you should clearly document and explain all aspects associated with the rent collection including:

    • Due dates
    • Location for submitting payments
    • Types of payments accepted
    • Fees charged for Insufficient Fund returns
    • Late fees
    • Pet fees

The expectations for each of these items could be documented in the lease agreement, and further explanation could be offered for each to ensure your future tenant clearly understands the what, when, and how.

  • Lease Termination Policies

If both parties agree to terminating a lease, there are no other legal boundaries in place that would prohibit the termination from happening. If one party, however, wishes to terminate and the other does not, the process to resolve this situation should be clearly outlined in the original lease.

  • Eviction Policies

Situations meriting an eviction can be quite sticky and are often a real pain. Having Arlington property management companies at your fingertips to help with this process can be really liberating to you as the owner. There are laws protecting tenants from evictions without cause and so understanding eviction laws and clearly documenting policies for all people involved can be incredibly important when the time for an eviction actually comes.

These topics are a good place to start, but if you’d like more help in drafting a well-written, quality leasing agreement, reach out to your Arlington property managers at Specialized.

What is the Statute of Frauds in Texas?

Fort Worth rental property management

The statistics of people renting in today’s world is higher than ever. And, where you might typically think that renters are concentrated in more rural settings, renters are also moving into single family rental units in the suburbs. For property investors and Fort Worth rental property management companies, this means greater opportunities to invest in rental property, and the profitability of that investment is also increasing. The Texas Statute of Fraud dictates when certain contracts need to be made in writing. Understanding the laws around leasing and lease contracts is vitally important for successful rental investing.

Landlord-Tenant Relationship

The basic relationship between a landlord and a tenant is that the owner supplies the rental property and the renter agrees to pay the owner for the right to use the property. Then the basic relationship gets more complex as agreements are made about the details of the renting situation. When a Fort Worth property management company starts to write a lease, it is important to understand the laws involved in leasing. Specialized has an experienced in-house legal team to ensure that all lease agreements follow the laws regulating leasing.

Agreements in Writing

Some people say that an oral agreement is as valid as a written agreement. In a court of law the written agreement will also trump an oral one. According to Texas state law and the Statute of Fraud, a rental agreement or lease is required for a contract lasting longer than a year. Even if you are planning to rent for a short time, a written lease agreement is always a good idea to protect the landlord and tenant. A responsible property management company in Fort Worth, TX will have a written lease in any situation. Clear communication about what is expected between tenant and landlord makes for a smoother renting experience on both sides.

Valid Lease Agreement

A contract or lease is basically an agreement. Specialized, your trusted Fort Worth property management company, knows how to detail a lease to cover all aspect of renting including inspections, rent collection, proper use of property, as well as stated penalties if a lease agreement is broken. And, to keep the agreement legal, the lease needs to be signed by the actual parties that the agreement is being made with.

Buying, selling, and leasing property can be a legally complex business. Mistakes in keeping within the law is costly for your business. Having the leading Fort Worth property management company as your partner gives you the edge you need in the investment property business. With over 25 years of experience, we can guide you through the lease process and ensure that all leases and agreements are written and executed according to the law. Call us today to hear about our full range of property management services. Our proven processes put you on the road to great property investing success. Contact us today!