subject: Tenancy Agreement: Created According To Law Of The State [print this page] To buy a property you have to spend a fortuneTo buy a property you have to spend a fortune. You want to make some money by renting it out. When you are renting it out you need to draw a tenancy agreement to keep it safe. It is an agreement for setting out rights, duties and responsibilities of both the parties that is tenant and landlord.
Shorthold Agreement: The tenancy agreement is created according to the law of the state. It is created according to the Housing Act of that area. The landlord can rent out the property for a short period of time. If he or she feels that the tenant has harmed the property; then they can request the tenant to leave the property within a limited period of time. If the property is kept as per the agreement then the tenant can stay for six months in that area. Shorthold tenancy agreement is for six month periods only. The landlord can ask the tenants to leave at the expiry of six months.
Periodic Tenancy: When a fixed term expires, the landlord can extend the agreement for fixed term. The tenant can be given permission to stay according to the signed agreement. When agreement is not signed and permission is given to stay on it is called "periodic tenancy."When tenants want to leave the property they have to give a month"s notice to the landlord rather it is two months because a written request needs to be sent across.
Right And Obligations Spelled: The tenancy agreement is a legal document where everything is written for the landlords and tenants. The rights and obligations spelled out very clearly. It can be challenged by the law. Both the parties have agreed to follow it.
Some Thing the landlords should keep in mind before renting out the property:
"Meet the tenant personally
"You can have as many meetings as you want to be sure that the tenant is right person to rent out your property.
"Enquire about the tenants work statues for example what company he is working and what position is he enjoying
"How many people will be living in your home
"Does he has pets too
"What time of the month he will pay the rent
"Does he travel a lot because of his job
"Get reference to know whether he is a good pay or not
"How you will like him/her to maintain your property
Renting out a property is not an easy task. You need to lay down the rules and regulation before renting it out. The legal document should be signed by both parties. A copy should be available to both of them so that each can refer it when required. The copy should clearly mentions the rules and regulations so that in time of confusion it can be read to clear the air.
