A tenancy agreement is a document used to define the terms and conditions of staying in a property, which is usually between the Landlord and tenants.
What is a Tenancy Agreement?
It is a legally binding document which is used across the world to ensure that there is an agreement that clearly spells out the dos and don’ts to the occupants of a property.
While this piece of document is very important, a Tenancy agreement is not mandatory, and even if there’s an absence of one, it doesn’t mean that the Landlord and tenants don’t have rights in the tenancy. By law, both the landlord and Tenant have something called “implied rights” which takes effect in the presence or absence of a Tenancy Agreement.
In every ideal situation, Landlords and tenants are usually advised to get a tenancy agreement as it further helps to a fine line between what is acceptable and what is not.
Who creates the Tenancy Agreement?
The answer to this might vary depending on who you ask, as they are usually created by Landlords or their lawyers. The Landlord is the owner of the property who decides the conditions upon which you can rent and stay in his property. It is always important that the tenant who intends to rent or lease the said property goes through every line of the document, in order not to miss any important detail, as failure to properly understand what some of the words mean before signing, means that you agreed and consented to the terms stipulated in the document.
Most Tenancy Agreements are usually easy to comprehend and straightforward; however, it is always advisable to get a lawyer to review the terms and advice on how they affect the Tenant’s current and future rights.
Basic Content of a Tenancy Agreement
As a Landlord or a Tenant, you need to ensure that your Tenancy Agreement includes the following terms and information at a minimum:
- the names and addresses of the Landlord and the Tenant
- the address of the property in question
- the start date and end date of the tenancy (Usually calculated by the duration of the rent)
- Cost of Rent/Lease
- other applicable amounts including – legal fees, agency fees, security deposits, service charges/fees etc where applicable
- The obligations & responsibilities of both the Landlord and the Tenant etc
The above list does not exhaust many other components that can be found in a tenancy agreement as there are some other vital info that can still be included in it.
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