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Texas Association Of Realtors Residential Lease Agreement 2018

Exclusion of liability: as always, we must remind you that we are not lawyers and therefore we cannot give legal advice. If you are unsure of the impact of your lease, please contact a lawyer. We recommend a few of them. The Internet can be an incredible source of information, but it can also have its drawbacks. If you download a lease from the Internet, you may expose yourself to legal actions that you do not know or create a lease that is completely unenforceable. We recommend that all homeowners read and familiarize themselves with the Texas Property Code, especially Chapter 92, which deals with residential tenancy. Being a homeowner isn`t as easy as collecting a rental check every month, but if done right, it can be a great source of income and capital in the long run. If you`re not sure what you`re doing, it can be expensive, and since this is a very bellicose real estate, the top priority should be to be proactive in setting up your leases. “Don`t download a lease” – sounds pretty threatening, doesn`t it? There are some good rental deals on investment sites, but they are rare and very much in between. Here in Texas, the TAR Residential Lease is written for homeowners and is certainly more beneficial to homeowners than in some other states.

It gives them a lot of protection and also sketches out many “what if” scenarios that most owners wouldn`t even think if they wrote one themselves. They are tested over time and rewritten by the Texas Association of Realtors legal team to adapt to new laws and respond to any complaints that have arisen over the years. Another big problem we see with this type of lease is when the owner decides he wants to sell. Investors will often sell their real estate at some point for a variety of reasons – this lease will survive the sale and you will need to provide copies to the buyer. The new buyer is bound by the terms you set out in the rental agreement, so you can link them to something illegal or unenforceable. If the buyer fulfills his due diligence, he can withdraw the agreement and you will lose the sale. Even if they buy it, you may come to a situation where you`ll be put back in the mix during a dispute, since you were the one who originally established the lease and created the problems the new landlord is currently facing. Being sued for a property that you no longer own is not an ideal situation and a good use of your investment dollars. The problem with downloading a rental is also whether you have received an updated version or not. The internet is a giant archive and if you download something that was written in 1999, it won`t stand up well to the law as it is in 2016. Laws change over time and using something that is outdated or doesn`t cover recent laws can certainly put you in hot water.

We`ve even seen cases where an owner has downloaded a tar Residential Lease (which clearly states that it can only be used by members of the Texas Association of Realtors – their use can be invalidated if you`re not a member), but they uploaded an older form…