Property leasing comes with great responsibility, just as much as it brings great benefits. Unfortunately, operating outside these responsibilities, thus most times, ends up in court. This is why it is expedient to grasp the Landlord-Tenant Act fully. In Arizona, for instance, considering state laws guide landlords, it is important to know and understand these responsibilities and prevent court cases/actions. Some of them include:
- Duplicating a copy of the lease to the tenants
- Keeping the tenants informed about the whereabouts of the ARLTA
- Keeping the property fit and habitable by making all necessary repairs.
- Keeping all appliances and services safe, properly maintained, and in good condition.
As a property owner seeking to lease properties and protect their finances from possible civil actions, it is best to use a limited liability company (LLC). This is because failure to manage the LLC properly could lead to attacks on your assets, and in the worst case, you could forfeit them to cover the cost of the damages.
One way to remain ahead of the situation is to have the help of real estate attorneys. Some of the requirements they assist with include:
- Drafting proper lease agreements
- Abiding by regulations needed to prepare properties for tenants
- Ensuring a hand-over and walkthrough of security deposit at the end of a tenancy
There are many other boxes to be ticked to facilitate the effortless moving in of tenants and remain within Arizona state laws. To know everything about the Landlord Liability Checklist in Arizona, check in here.
About Note Servicing Center
Note Servicing Center provides professional, fully compliant loan servicing for private mortgage investors so they can avoid the aggravation of servicing their own loans and just relax and get paid.
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