IMPORTANCE OF TENANCY AGGREMENT

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There are many reasons why a tenancy agreement is very important and necessary. These reasons are as follows:

  • Financial protection against damages and unpaid rent.
  • The agreement establishes clear expectations for both the landlord and the tenant, thereby minimizing misunderstandings and conflicts.
  • A tenancy agreement helps protect a Tenant from unlawful eviction.
  • A tenancy agreement gives the Landlord the opportunity to state the way and manner in which he prefers the demised property to be used. For instance, a landlord may prohibit the tenant from assigning, subletting, or even lodging another person on the property, or he might prohibit the property from being used for commercial purposes.
  • A tenancy agreement can protect the tenant from an unnecessary increase in rent.
  • The duration of the tenancy is another important term that can be covered by a tenancy agreement.
  • The agreement helps to state when the tenancy takes effect and the expected date the tenancy is to elapse.
  • A tenancy agreement clearly states the responsibilities of both parties; e.g., if there is a major structural change to be done in the property, the landlord might step in.
  • A tenancy agreement protects the rights of both the Landlord and the tenant by streamlining agreed-upon terms and conditions acceptable to both parties.
  • A tenancy agreement is a contract between a landlord and a tenant specifying the terms and conditions of their rental agreement. Tenancy agreements are usually put in place before letting out property.
  • All tenancy agreements should state the parties involved, the rental price, any deposit retained by the landlord, the property address, the start and end dates of the tenancy, and the obligations of the tenant and the landlord.

Note: It is important that both parties are fully aware of what is included in the agreement.

Make available Standard Information that should be in all residential tenancy agreement before the tenant moves in.

Many landlords consider their tenancy agreement to be a bit of an afterthought.  An irritating necessity, which the lawyers insist on.

Many think the best tenancy agreement is the shortest one and have no idea what is in their agreement as they have never read it!

Understand the meaning and importance of a Tenancy Agreement because a Tenant who knows his rights can file a suit and make a good case out of it if, in any way, you go against what’s written in your Tenancy agreement.

And vice versa.

For more information, visit our website, www.budiplusproperties.com

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Call or send us a message at 08146702129.

You can also walk into our office at No. 14 Ojike Street, by Azikiwe Umuahia.

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