When planning to rent a house, there are certain agreements that must be reached between the Landlord and the Tenant. In this article, we will be provide you with the information that would help you avoid issues that could come up whether as a landlord or a tenant. One of the most important steps when renting is a property is to ensure that the agreements reached are documented and kept for future reference if the need arises. For this reason, we have what we call a Tenancy Agreement.
What is a Tenancy Agreement?
A Tenancy Agreement is a contract defining the relationship, right and obligations between landlords and tenants. The landlords create the tenancy agreement, because they are the owners of the property and they decide on the terms and conditions within which they would rent it out. Sometimes, the services of a lawyer are required to draft it out and ensure it has the required legal backing.
Rights of the Tenant
The tenants have a right to request a review of the tenancy agreement if there are certain injunctions they are not comfortable with. Tenants also have a right to issuance of receipt from the landlord after payment has been made. The receipt should contain vital details such as the names of the tenant and landlord, address of the property paid for and the date payment was made. As a tenant, you have the right to a quit notice before you can be asked to exit the property. The duration of the quit notice is usually included in the tenancy agreement and this is why you must go through it thoroughly before signing.
Check out: Understanding The Real Estate Market In Ibadan
Contents of a Tenancy Agreement:
A tenancy agreement usually contains important details such as the
- names of the landlord and the tenant,
- the address of the property being rented out,
- the date on which the tenant started occupying the property,
- the duration of the tenancy,
- the amount paid and
- the duration of notice both the tenant and landlord have to give in order to end the tenancy.
Difference between a Lease and Tenancy agreement:
Lease agreement is used when renting out in real estate. It covers renting out of property for a longer period, usually three years and above, as compared to a tenancy agreement. The duration and amount of the lease is documented in the agreement and this prevents the landlord from increasing the rent at any time.
Read Also: Property Inspection Checklist For Nigerians
After the period stated in the agreement is over, the landlord and the tenant can then choose to renew the contract or not. But a tenancy agreement on the other hand is usually for a shorter period of time within the range of one year to three years.
At MKH we provide investors with advice on how to invest your funds and guide you through the necessary processes of buying or renting properties. Click here to contact us. Let us take the stress off your hands.
Peculiar article, totally what I was looking
I visit day-to-day some web sites and websites to read posts,
but this web site presents quality based posts.