The Tenancy Agreement and its Essentials – The tenancy has always been a major facet of real estate industry. While people consider it as the most common type of transaction it is indeed, the trickiest. The reason behind these challenging situations is the fact that the property is actually owned by one party but occupied by another – as the Windermere Florida Realtors state.
While this famous landlord-tenant relationship is full of disagreement and negotiations, there are a few considerations that every tenant must pay attention to, especially when finalizing a real estate agreement.
Generally, tenants provide tenancy documents as written documents. But according to Winter Garden Realtors, there are some real estate transactions which are unwritten or not present in tenancy agreements.
Similarly, a tenancy agreement might include some terms which are unfair. If tenants fail to pay attention to these terms, they may put themselves into a difficult situation. In fact, the tenants may end up facing financial strain in the future.
However, for your better understanding let’s have a closer look at these essentials of a tenancy agreement.
The Fundamentals of a Tenancy Agreement
According to Dr. Phillips’ Realtors, a tenancy documents comprise the following information;
- The tenant or landlords’ name along with the address of the relevant property
- The lease term and amount of the rental payment
- The time to make rental payment and type of tenancy such as assured or short assured.
- Whether or not the utility bills are included in the rental payment, along with council tax
- The security deposit amount which tenant is liable to pay and circumstances in which tenant will no longer be eligible to receive the deposit back
- Any additional information or terms for instance; situations leading to termination of the lease or if tenants are allowed to sublet the property.
Lease Agreements – Unwritten
The assured tenancy continues to exist, even in the absence of a written tenancy document by the landlord. However, the terms of the agreements are reflected by the conduct of every party involved. But this conduct of parties is the only evidence that a tenancy agreement is in place. Nevertheless, a tenant can always get the agreement in written form by applying to the court as the Winter Garden Realtors suggest.
Tenancy Agreement and Unfair Terms
The unfair terms of a tenancy agreement are all those terms which are not discussed between parties. This may lead to a discrepancy in rights and responsibilities of both parties.
As Dr. Phillip’s Realtors suggest, following are the unfair terms;
- Not taking the responsibility of repair cost and making a tenant pay for it.
- Providing landlord an absolute authority to terminate the lease agreement at his own discretion
- Prohibiting the tenancy transfer to any other person
- Providing landlord authority to enter the rented property without prior notice
- Keeping an unclear term regarding the landlord’s right to take away the rental property possession and in the absence of court’s order
Nonetheless, if a tenancy agreement is not carried out properly, it may become the source of frequent disagreement between the tenant and the landlord.
However, if you need more information about tenancy agreements then take the assistance of professional realtors such as offered by Megan Dowdy Realty.