Article published by : navjeet on Wednesday, June 04, 2014 - Viewed 651 times


Category : Real Estate

Importance of a Tenancy Agreement

Once you have found an ideal rental apartment to live, it feels wonderful, but do get too excited to slip the last procedural of home renting of your mind. Remember, it can be the last step of your home searching process, but it is as necessary for a tenant as for a home owner. The last but not the least step is to finalize a legal contract between you and your landholder, known as a tenancy agreement and these are some terms it should include:

Full Legal Names of Tenants and Landlord

A rental agreement must include the full name of tenants and the landlord. Ensure to write your full name as spelled out in your documents. Small errors like spelling mistakes and names with no surnames can create a lot of confusion. To make certain of any type of discrepancy, use same names as per your matriculation certificate. If you are a couple, write your and your wife name in the agreement. Do submit all the identity proofs to your owner before you reside in the new home.

Discerning Period of an Agreement

A rental agreement will let you dwell in an apartment as long as the document is valid up to, it can be six months or 10 months as per the rules. Usually, a tenancy agreement is of two types a fixed-term tenancy, which is valid for a certain period of time whereas the periodic one is applicable for definite weekly or monthly basis. In case of fixed-term tenancy, neither the tenant nor the landlord can end the agreement. At the end of a self-renewed tenancy, both parties can negotiate and renew the agreement, but to discontinue it owner needs to give a ninety days’ notice period to the tenant.

Rent and Payment Method

Although the rent is determined after a full and final negotiation amid the owner and tenant, but still it is necessary that the decided amount should be mentioned in the lease agreement. Other than this, the due rent date, way of payment such as check or money transfer and other important things which are obligatory, ought to be stated in the agreement. In cases of ambiguity, say the tenant is either not paying rent on time or delaying it before the declared time period; the landlord can lodge a complaint against the tenant anytime.

Restraints for Tenants

Restrictions may vary from tenant to tenant depending upon the individual renting the home is a couple, big family or a student. It may include time limits in which the tenant is allowed to enter and leave the home premises or guest’s limitations. Though, it does not mean you cannot invite someone at home, but it should be between the time periods given in the agreement. This is basically done to escape from tenants who further rent on their homes to other people without the consent of owner, so such rules and regulations are quite understandable.

Tenant and landowners both are recommended to follow a tenancy agreement. However, it is crucial for each and every citizen to be aware about his country’s rights, rules and regulations. Following the above given simple steps you can live happily along with your family.

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By: navjeet

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