A tenancy agreement is a legally binding contract between a landlord and tenant, which outlines the terms and conditions of the rental agreement. It is important for both parties to understand the agreement before signing it.
Below is a tenancy agreement fact sheet that can help tenants understand the contents of their agreement:
1. Rent: The agreement should clearly state the amount of rent to be paid, when it is due, and how it should be paid. It may also include late payment penalties.
2. Security deposit: The agreement should outline the amount of the security deposit, the conditions under which it will be refunded, and any deductions that may be made.
3. Occupancy: The agreement should state who is allowed to occupy the rental property, including the number of tenants and any restrictions on subletting.
4. Term: The agreement should specify the length of the rental term, including the start and end date, and any conditions for renewal or termination.
5. Maintenance: The agreement should outline the responsibilities of the landlord and tenant for maintenance and repairs.
6. Utilities: The agreement should state which utilities are included in the rent and which are the responsibility of the tenant.
7. Pets: The agreement should state whether pets are allowed on the property and any restrictions or additional fees that may apply.
8. Smoking: The agreement should state whether smoking is allowed on the property and any restrictions that may apply.
9. Alterations: The agreement should state whether tenants are allowed to make alterations to the property and any restrictions that may apply.
10. Termination: The agreement should outline the circumstances under which the landlord or tenant may terminate the agreement and any notice requirements.
In summary, a tenancy agreement is an important document that outlines the terms and conditions of a rental agreement. Tenants should carefully review the agreement before signing it to ensure they understand their obligations and the rights afforded to them. If in doubt, seek legal advice before signing.