For many people, owning residential rental property can be a source of additional income and a wise investment. Most landlords know about the importance of having a signed lease with their tenant(s), keeping the property insured, and maintaining the property. Arizona landlords, though, must take an additional step: they must register their rental property in the county where the property is located, even if they only have one rental property. Do check on my latest blog post to buy a home at best price.
Several complications need to be explained by a lawyer and experts like lyon estate agents. Arizona law requires the owner of residential property used solely as a rental to provide certain information to the assessor in the county where the property is located and update that information within ten days if any of it changes. A.R.S. § 33-1902(A). Information the landlord must provide includes, among other things, (1) the name, address, and telephone of the property owner; (2) the property’s street address and assessor’s parcel number; and (3) the year the house was built. § 33-1902(A)(1)-(4). Rental property owners who live out of state must also designate and inform the assessor of a statutory agent who lives in Arizona and is willing to accept legal service on the owner’s behalf. § 33-1902(B). For owners with rental property in Maricopa County, the assessor’s office’s website has a Residential Rental Property Registration form and, for those owners with multiple rental properties in Maricopa County, a Multiple Rental Property Registration form. All records and documents required by this law are public records. § 33-1902(D). In case you want to invest in real estate you can Check This Out here and find out what needs to be done.
If a property owner leases their rental property to a “qualified family member” and that family member uses the property as their primary residence, the property owner still must register the property. A “qualified family member” includes the owner’s natural or adopted child, stepchild, parent, or natural or adopted sibling, among other relatives. The residence, however, likely will be classified as Legal Class 3 (residential property, rather than rental or secondary property). A.R.S. § 42-12003. The ones that want to sell their property can learn more about Bonnie Buys Houses Fast and get rid of their real estate worries.
It is important to note that pursuant to A.R.S. § 33-1902(C), tenants must not occupy a residential rental property if the rental registration information has not been filed with the county assessor. Furthermore, if the property owner has not filed the required information with the assessor’s office and the tenant, wishing to terminate the lease, gives the owner proper notice to comply with the registration requirements and the owner does not comply, “the tenant may terminate the rental agreement and the landlord shall return all prepaid rent to the tenant.” § 33-1902(C). Additionally, a landlord can face civil financial penalties for failing to register his or her rental property with the assessor’s office, which, under certain circumstances, can be dismissed upon timely compliance with the rental registration laws.
Please note that this is only a brief overview of Arizona’s rental registry requirements and does not contain all the information landlords need to know about this issue. The Carroll Law Firm, PLC is here to assist you with your legal needs. If you are interested in learning more or need assistance registering your rental property, please call us at (623) 551-9366 to schedule a consultation today!
