10 Basic Things to Look Out in a Tenancy Agreement
However stressful it's been finding your dream apartmemnt, you should never sign and enter into a legally binding contract lightly. It's important to have your Solicitor spelll out every detail for you. You should also take your time and raise any concerns and queries before you sign.
If you've never rented an apartment before, tenancy agreements can initially seem quite confusing. But never fear – we've put together the most important things you need to check.
It is very important to have a Solicitor around while executing a tenancy/lease agreement to ensure that while you read the agreement, the Solicitor thoroughly explains the legal implication of every word and make sure that you understand it to see if the terms or provisions in it are suitable for you before signing.
Also ensure to keep a copy for yourself.
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At Green Quill Solicitors, We advise on a broad range of tenancy/ lease and other related issues. We also have remarkable expertise/skills in land contract or and property law related negotiations.
Name of the Parties
Your tenancy agreement should contain your name and address and describe your party either as the (landlord/tenant) or (Lessor/Lessee). The parties must also have the capacity to contract. ODUTOLA V PAPERSACK (NIG.) LTD
Proper Description of the Property
A proper and adequate description of the apartment you intend renting should also be stated in the tenancy agreement.
The property in the lease/tenancy must be described with specific dimensions. The Address should be clear and not vague.
Term/Duration of the Tenancy
Your tenancy agreement must state the duration of your tenancy.
The term of the tenancy/lease must be certain and ascertainable. The commencement date and the expiration date must be expressly stated. This is because a lease cannot ensure in perpetuity - LACE V CHANTLER; whether it’s for a year, six months or one month. Thus, a lease/tenancy that is uncertain is invalid and void.
Rent is the consideration paid by the tenant for the use and enjoyment of the landlord's property. This is the core of a tenancy agreement. Your tenancy agreement should clearly state the amount you will pay as rent and when that rent is to be paid. The rent may be paid by money or money's worth. It must also be certain and ascertainable.
Rent Review Clause
This should be contained in a tenancy agreement because it is not generally an implied term. The import of this clause is to enable the landlord to review his rent periodically. This right to review must be expressed as a condition in the agreement.
A clause on subletting/subleasing is permitted or not on the property should be in your tenancy agreement. Most times, your tenancy agreement might allow you to sublet only when you have obtained the written consent of your landlord. Ensure that you comply with this before subletting.
Rates and Taxes
Recurrent rates and outgoings like waste disposal bills, water bill, electricity bill, land use charge, ground rent, pre-paid meter bills, estate dues etc is important so as to know whose responsibility it is to pay for the bills
It should also be clearly stated who's responsiblility it is to repair the property against reasonable wear and tear.
Rules and Regulations
The agreement must also state whatever peculiar rules the landlord wants you to abide by. Issues such as keeping pets, receiving visitors, curfew, parking spaces, generator usage etc. must be expressly stated. No assumptions must be made.
The agreement must also contain unforseen circumstances outside a party's reasonable control which prevents parties from fulfilling obligations under the agreement.