A lease agreement made for the property located in Arizona is known as the Arizona Lease Agreement whether it may be residential or commercial. An Arizona lease is a legally binding document between the tenant and the landlord with regard to a property located in Arizona.
What Is Arizona Lease Agreement?
An Arizona lease is a legal contract signed between a landlord and tenant for the property located in Arizona.
Who Takes an Arizona Lease Agreement?
A landlord and a tenant with an intention of leasing and renting a property in Arizona take the Arizona lease agreement.
Purpose of an Arizona Lease Agreement
The basic objective to have a lease agreement is to protect the rights of the landlord and tenant for the property leased. Apart from that it also acts as a means to solve disputes between the parties in case of any disagreements or disputes during the tenure of the agreement.
Contents of an Arizona Lease Agreement
The contents of an Arizona Lease are provided below:
- Name and address of the lessor and lessee otherwise known as tenant and landlord
- Details and description of the Property
- Location and identification of the property
- Declaration by both tenant and landlord regarding the ownership rights of the property
- Date of commencement of the agreement
- Duration of the Agreement
- Terms and conditions of the agreement
- Details of the mode of payment
- Amount of rent
- Details of the security deposit if any
- Advance paid if any
- Mode of adjustment
- Escalation clause
- Details regarding the repair and maintenance expenses and who will bear the same
- Facilities and amenities provided
- Details of Municipal dues and who will bear the same
- Details of society maintenance charge
- Notice period in case of termination of the agreement
- The grounds or reasons for termination of the agreement
- Registration expenses
- Details for rights of parking spaces if any
- Details of entry charge in society if any
- Details of terrace charges if any
How to Draft an Arizona Lease Agreement?
When drafting the Arizona residential lease agreement, or Arizona commercial lease agreement, you need to ensure it has the below-mentioned inclusions;
- Mention the names and addresses of the lessor and lessee as well as their agents
- Mention the description of the property
- Mention the rent amount, grace period, due date and penalty, late charges if any
- Mention the mode of payment
- Mention the process or method for the termination of the agreement before the expiration of the agreement
- Mention the rules regarding parking, terrace, pet, etc.
- Mention the details of penalties in case of violation of any of the aforesaid rules
- Mention the details of the utilities provided and how it can be used
- Mention the details of amenities and facilities including swimming pool, laundry or security systems
- Details regarding the repair and maintenance expenses and who will bear the same
- Facilities and amenities provided
- Details of municipal dues and who will bear the same
- Details of society maintenance charge
- Notice period in case of termination of the agreement
- The grounds or reasons for termination of the agreement
- Insurance
- Repair and maintenance
- Amount of rent
- Details of the security deposit if any
- Advance paid if any
- Mode of adjustment
- Escalation clause
In case of an Arizona eviction law no lease, the tenant can end the tenancy without providing the tenant with a reason, but you give them written notice and a minimum amount of time to leave.
Generally, both tenants and landlords have the duty to negotiate the agreement for their own benefits. However, at times the tenant has to ask for the modification and changes so that the agreement can be favorable for him. Likewise, the landlord can also negotiate with the tenant as per his own suitability. It is a mutual understanding between the tenant and landlord of how they negotiate the amount of rent, security deposit, terms and conditions of the agreement and other details of the agreement.
Benefits and Drawbacks of an Arizona Lease Agreement
The following are the benefits of an Arizona Lease;
- The tenant pay for the property as per the use
- Liquidity can be considered as the high as this involves a small amount of money for payment of rent
- The monthly cost can be calculated easily as the rent is fixed.
- The risk factor is limited as compared to the sale of property
The following are the drawbacks of an Arizona Lease;
- The property gets stuck for a definite period of time
- As the rent amount is fixed, the monthly cost may increase with the passing of time
- Leasing of property can be more expensive sometimes as compared to buying of property
What Happens in Case of Violation?
When a violation of the agreement happens, by either of the parties, it is known as breach of the agreement. When a tenant violates the agreement, the landlord has the legal right to evict the tenant immediately from the property or after he serves the notice period.
However, it completely depends on the clauses that are mentioned in the agreement. Likewise, the tenant can also sue the landlord and claim for compensation for breach of contract if the landlord violates the terms and conditions of the agreement.
Generally, the basic objective to have a lease agreement is to protect the rights of the landlord and tenant for the property leased. It acts as a means to solve disputes between the parties in case of any disagreements or disputes. Apart from that, it provides both landlord and tenant to secure their rights in respect of the property legally. Thus, it is essential to have an Arizona lease for the people residing in Arizona.
Sample Arizona lease
Download the best Arizona Lease Agreement template.
Download this USA Attorney made Original Agreement for only $9.99
By clicking the button below, I agree with the Terms & Conditions.This agreement is made between the Landlord and the Tenant on the effective date of 10th November, 2011.
Landlord represented by
Mr. Jonah Wilson
Address: 15601 N 27TH ST 33, Phoenix, AZ 85032
Contact number: (602) 482-7575
Tenant represented by:
Mrs. Linda Robinson
Address: 4915 N Pima Rd, Scottsdale, AZ 85251
Contact number: (480) 941-0333
Duration of Lease: 2 years
Terms and Conditions:
- The Landlord is the owner of certain real estate situated in Phoenix County, Arizona, such real estate having a street address of 12226 N. 26th Street, Phoenix, AZ 85032 (hereafter referred to as the “Premises”).
- Under the terms of this Arizona Lease Agreement, “Rent” shall include all monetary obligations that is owed by the Tenant to Landlord in accordance with this Agreement. However, any Security Deposit made by Tenant to Landlord shall not be considered as Rent.
- Only persons listed in this Arizona Lease Agreement may occupy the premises or any part thereof without prior written consent from the Landlord. If the Tenant sublets, transfers, or assigns this agreement or allows any person other than those listed in this agreement to occupy the premises with prior written consent from the Landlord then such an act shall be deemed a material non-compliance by the Tenant and the Landlord may terminate this agreement.
- The Tenant shall not make any altercations or improvements to the Premises without the prior written consent of the Landlord. Tenant will assume all liability for property, personal injury, loss, and insurable risks.
Landlord leases to Tenant the above mentioned Premises together with any appurtenances thereto, for a term of 24 months [specify number of months or years], such term beginning on 10 November 2011.
SIGNED FOR AND ON BEHALF OF LANDLORD BY:
…………………………………………………………….
Name:
SIGNED FOR AND ON BEHALF OF TENANT BY:
…………………………………………………………….
Name: