Importance of Tenancy Agreement

Tenancy agreement is basically a written contract between landlords and tenants. The document carries the terms and conditions of tenancy and also takes care of the rights of both the tenant and the landlord.

This agreement allows a tenant to occupy the accommodation and landlord’s right to receive rent for letting the accommodation. What’s so significant about the agreement? The significance lies in the fact that it distinguishes the responsibilities and rights of both landlords and tenants. If there is any dispute between the two parties the court with help of the agreement would settle and provides the framework which governs the arrangement between them. The agreement can be oral or written, but you should go for a written one, as it is easy to implement in a law court.

The agreement should have the tenant’s name, the address and name of landlord and should also include the address of the rented property. It should also have details like, the amount of the rent, the payment date, mode of payment, and if required guarantor’s signature are always a must to mention. Most of the landlords ask for a cash deposit in advance, which is also explained as security money. The agreement should also have a mention of this security deposit. The most important part is the breaking clause, if the tenant leaves before the tenancy period is over, a notice has be provided by him same goes with the Landlord.

Here are some Obligations:

Tenants should pay the utility bills and rent amount on time, they neither should cause any harm to the rented property nor disturb the neighbors.

Landlords should maintain the condition of the property and should organize major repairs on a regular basis. He/she should also not interfere in the personal/family matters of the tenant and provide them complete privacy.

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