The Importance of the Legal Class of your property!

What you don’t know CAN hurt you!  There are many laws and requirements associated with renting a property.  Each state, county, and even city is unique.  And unfortunately, saying “well, I didn’t know” does not exempt you from the sometimes harsh consequences.  For example, if you have a residential rental in Maricopa County, you are required to register it with the Maricopa County Assessor’s office.  Here is their website: http://www.maricopa.gov/assessor/residential_property_form.aspx 
It’s easy and the fee is just $10.  The form can be filled out and payment made online, or you can print the form and mail it in with a check.  If you fail to register your residential rental property with the Maricopa County Assessor’s office, “the city or town may impose a civil penalty in the amount of $150 per day for each day of violation” (http://www.maricopa.gov/assessor/pdf/residentialrentalform2.pdf). In addition to hefty fines, the tenant at your property can legally terminate the lease at any time if your property is not listed as a residential rental property!  In addition to breaking the lease with just 10 day’s notice to you, you would be required to return all pre-paid rent to the tenant.
With so many rules and regulations surrounding property rentals, it’s nice to know that there is a professional Phoenix Property Manager can help you navigate your way through these tricky situations.