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.