subject: Ensuring New Tenants Sign A Tenancy Agreement [print this page] When you have new tenants moving into a property, signing a tenancy agreement is highly recommended. A tenancy agreement is a legally binding contract between the tenant and the owner of the property, typically the landlord. Whatever is stated into the agreement is taken seriously and is very important to the well being of the parties involved. In addition, what is left out of the contract is also essential and can have heavy impacts as well.
Mistakes can be expensive especially when they involve legal agreements. There are even some landlords who lost a huge sum of funds because of a poorly drafted agreement. Expertise and experience should therefore be sorted for when drawing such agreements. In this article, we will be covering everything there is about tenancy agreement.
* What is tenancy agreement all about
Just as mentioned above, it is an agreement between the owner of the property and the tenant and it states the rights and duties of both the parties.
* What are the types of tenancy agreement
There are two types of tenancy agreement, the written and the oral agreement. Oral agreement involves anything that are verbally discussed by both parties and are not considered legal. A written agreement is seen to be a more professional binding document between both parties. This type is acknowledged by the law, therefore are most used form.
* What are the details of the tenancy agreement
An average tenancy agreement includes
1. The tenant and landlord's names.
2. The real address of where the property is situated.
3. Day of the week when the tenancy should commence.
4. How long would the tenancy take.
5. The sum that the tenant needs to shell out and the mode of payment agreed - This should also include the date when the requital will due and if it will be subject to change.
6. What services that the landlord should give if there's any. Types of these services include maintenance, repairs. The agreement must specify whether the services are payable or not, if payable, the method of paying must also be indicated.
7. The duties of the tenants and the landlord to each other, the property, and other bodies involved.
8. Charges incase of default.
Changing the Agreement
If need be, one can change the terms and conditions stipulated in the agreement. You can adjust the oral agreement straightforwardly, but with written agreements, the landlord and the tenant should be present. In such event, a new agreement is created.
* Putting the agreement to an end
The tenancy agreement will come to an end along with the expiration of the tenancy. Although it is still subject to renewal. Alternatively, in the occurrence that the tenant will prefer to leave before the tenancy term is ended, the tenant can arbitrate with the landlord and both can meet at the common gorund.
There are other common things, not included in the agreement, but should be adhered to. Some of which are listed below.
1. The landlord is to be expected to see to it the power, water, and gas installations or any of the other facilities offered are perfect and completely operational.
2. The landlord should also stay away from all tenant matters unless they are inclined to tenancy.
3. Respect the tenant.
The tenant on the other hand should
4. Look after the property well.
5. Treat the landlord with respect.
6. Give requital as what is declared on the agreement.
The landlord as well as the tenant must carefully inspect the agreement before signing. Solicit advice form legal experts and see to it that you know everything that is stated in the agreement.
