Tenancy Agreements: Why They Matter

Tenancy Agreements: Why They Matter

Tenancy Agreements: Why They Matter

Whether you are a landlord or a tenant, you're going to have to know about - and understand - what a tenancy agreement is. After all, this agreement is the cornerstone of any landlord-tenant relationship, since it outlines all of the terms and conditions of the arrangement. Tenancy agreements are required by law in Australia, even in the case of one family member renting a room to another. This rule is in place in order to protect the best interests of both parties. Learn more about tenancy agreements below.The BasicsThere are two basic types of tenancy agreements: fixed-term agreements and periodic agreements. With a fixed-term agreement, a specific period of time is outlined within the body of the agreement. Typical time frames include six month, nine months and one year. At the conclusion of the set out term, the agreement can either be renewed, alternatively the tenant and the landlord can go their separate ways. With a periodic agreement, no particular period of time is specified. Many people refer to this sort of agreement as a "month-to-month lease," since the tenant can move out at virtually any time - and the landlord can terminate the agreement in a more flexible way, too. Fixed-term agreements are, by far, the most common types of tenancy agreements.Things That Must be IncludedA tenancy agreement has to be in written form, and it is usually written up by the lessor or landlord. A copy must be given to the tenant before he moves in. If you need help devising a tenancy agreement, an experienced property management firm can give you a hand. As a tenant, it is important to carefully read over the tenancy agreement before signing it. If there's anything in it that is unclear, make sure to have the landlord explain it to you. You could also have a lawyer or a real estate agent take a look at it, if you want. In order for the agreement to be valid, several items must be included within the body of the document. A few of these things include:=> The name and address of the tenant the lessor must be provided within the agreement. This is simply to establishment where each individual can be contacted.=> Specific explanations of what the landlord and tenant can or cannot do should also be outlined within the body of the tenancy agreement.=> The specific dates that the tenancy period begins and ends; otherwise, it must be noted as periodic.=> Any special terms that have been negotiated between the landlord and the tenant must be included.=> The amount of rent that will be due each month, along with the date it will be do, must be outlined.

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