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Common Written Agreement Between Landlord And Tenant
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Rental agreement or a tenancy agreement can be described as a written document between the tenant and the landlord that gives certain rights to both the parties. A rental agreement provides the tenant with the right to occupy the accommodation for a specified period of time while it allows the landlord to receive rent in return for the letting the accommodation on lease.
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Under the rental agreement, the owner of the property is termed as the ‘landlord’ or the ‘lessor’. The person, who takes the property on a lease, is termed as the ‘tenant’ or the ‘lessee’.
There are different types of tenancy based on which the rental agreement also differ. The most common type of tenancy is a periodic tenancy. In this case, the landlord leases the property on rent for a limited period of time such as a week or a month. The rental agreement in this case does not need to be renewed periodically until the tenant or the landlord issues a termination of tenancy notice. However, the notice should be issued by either of the parties 20 days in advance prior to the end of the month. One cannot issue a notice in the middle of the month.
Another type of tenancy is called the “tenancy for a specified term”. In this case, the property is taken on a lease for a definite period of time like one year. In this case, rental agreement should be properly written, understood, documented and signed by either of the parties. The rental agreement contains the name, address, employment details of both the tenant and the landlord. Also to be included in the rental agreement are details like the date on which tenancy will begin, duration of the tenancy, the rental value of the property and the frequency of paying the rent. If the landlord agrees to provide any services such as laundry, maintenance, or other service charges, details should be entered in the agreement. Finally, the document should also contain details like the length of the notice that a tenant and the landlord need to give if the tenancy is to be ended.
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