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.
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 RPM 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 RPM, 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!