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Don't sign a tenancy agreement before you read this

Don’t sign a tenancy agreement before you read this

However stressful it’s been finding your perfect accomodation, you should enter into a legally binding contract. At some point, you will have to sign a tenancy agreement It’s important to take your time and raise your concerns and queries before you sign. After you have found the perfect house, make sure you don’t sign on the dotted line until you’ve checked these very important things;

  1. Deposit and rental amount: Landlords usually require tenants to pay a specified amount to secure the apartment. Both parties should agree on the amount.
  2. Mode of payment and the due date: The landlord must specify the latest date of the monthly payment and how he wished to be paid. It may be by cheque, cash or direct transfer to the landlord’s account. The tenant, on the other hand, must solely be responsible to pay rent on time.
  3. Subletting the unit and room mates: This is when you as a tenant, allow someone else to use the property, or part of it while collecting rent from them although you are not the owner of the property and pay rent for it yourself. You will have to check your tenancy agreement to see if subletting is allowed. If it’s not permitted, your landlord can immediately terminate your lease. You may also be subjected to an additional legal suit.
  4. Obligations of landlord and tenant: The duties and obligations of both the tenant and the landlord for the entire tenancy period are outlined in a tenancy agreement. Eg. paying utility bills and rent on time, keeping the house safe and undamaged, not subletting etc. Failure to adhere to these could result in legal action or ejection.
  5. Inventory: The list of items that are provided by the landlord and handed over to the tenant are expected to be returned in good working order at the end of the tenancy.
  6. Renewal of tenancy agreement: Both the tenant and landlord will have to agree on the tenancy period. At the end of that period, the tenancy agreement would be deemed expired. However, the agreement usually also includes an option to renew the clause. This allows you to extend your lease for another term, subject to prior notice.
  7. Termination of tenancy agreement: This clause is one of the most important clauses in a tenancy agreement as it will be the only exit for both parties. In addition to stating all the possible reasons and scenarios for the termination, the document should contain what the penalties are for each. Most termination clauses will state that you will not be allowed to break the tenancy during the first year. Some clauses may even state that you will be required to pay your landlord for the unexpired months of tenancy. With proper notice, either party can terminate the agreement if the other doesn’t fulfill their obligations.

Finally, the termination of tenancy agreement provision is an important part of every lease agreement. It clarifies both the landlord’s and the tenant’s rights and duties in the event of an early termination. To avoid future misunderstandings or legal concerns, it is critical to carefully consider and comprehend this provision before signing the lease agreement.Landlords and renters must ensure that the termination clause is fair and equitable, and that the consequences for breaching the lease are suitable. Both parties may protect their interests and guarantee a smooth and trouble-free tenancy by incorporating a well-drafted termination provision in a lease agreement.

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[…] advisable to consult with legal professionals or real estate experts to ensure that your tenancy agreement complies with local laws and regulations, as these can vary from one location to another. By […]

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