When a person (or entity) is leasing space to another person (or another entity), a document called a “rental agreement” is normally signed by both parties in the United States, including Arizona.
In the lease agreement, detailed information about the deal is described. This includes the main terms and conditions that bind the parties: the rent amount, a description of the rented space, and information about the parties among others.
The party renting out space is called “the owner” or “the landlord”, while the party that is receiving space is “the tenant” or “the renter.” Since a rental agreement contains specific details, it is usually more than 10 pages long.
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In the US, rules that regulate lease agreements vary from state to state. In Arizona, laws that bind a renter and a landlord are stated in Title 33 of Arizona Revised Statutes (ARS). You may find most of them in Chapter 10.
In Arizona, the rules that regulate security deposits are contained in Article 2 (see Section 33-1321).
According to the section, the maximum amount of deposit a tenant can give in Arizona is the equivalent of one-and-a-half months’ worth of rent. The landlord should refund the deposit within 14 business days after the tenant vacates.
In Arizona, if you are a tenant and you delay in paying rent, your landlord could charge you for that. Section 33 allows the landlord to charge a penalty not exceeding $5 per day. However, both of you should set things straight while signing the contract.
Furthermore, the date of payment has to be clearly stated in the lease agreement. When a tenant fails to pay rent, the owner may ask them to vacate with a five-day prior notice.
If you are an owner and you need to access the leased space, Section 33-1343 of Arizona state law requires you to give your tenant a 48-hour notice before visiting.
When closing a leasing deal in Arizona, both parties should provide several disclosures as per Section 33 of the state law. These include:
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