Tenancy agreement is a kind of a lease agreement between the tenant and the landlord who gives his property for rent in return for a rental charge. It is a formal contract which can either be written or oral depending on the parties involved in the agreement.
The tenancy is for a fixed period of time which is decided amongst the landlord and the tenant and for a negotiable price paid either monthly or yearly depending on the convenience of the parties.
A tenancy agreement must include:
- Details of the assigned duties and responsibilities to the tenant and owner.
- Specified information of the property under tenancy.
- Contact details of both the parties under the agreement.
- Details of the agent, if any.
- Details of the rent amount and method through which the rent must be paid.
- Length of the contract and date of commencement.
- The standard terms and conditions which should be obliged by the parties.
- The special terms, if any which must not conflict with the standard terms of the contract.
- Facilities and utilities offered by the landlord to the tenant must be mentioned in detail.
Both the parties involved must retain the copy of the contract to avoid future dispute and the tenant must read the agreement carefully before signing it.
Category: Tenancy Agreements