A Tenancy Agreement lists out the rules that landlords and tenants have to agree to and follow. It is a legal contract essential when you rent out your property. It has details like the time period for which the tenant can occupy the property and the rental amount due each month. The following Tenancy Agreement Guidelines must be followed while drafting the same:
Names
The names of all adults must be mentioned in the Tenancy Agreement who will be named as tenants for your property. They must sign the agreement and follow all terms and conditions along with the proper usage of the rental property, i.e. house. They are also responsible for the amount due. In case if any one of them violates the conditions, the tenancy can be terminated on Tenancy Agreement.
Limits on Occupancy
It is always better to specify the number people on the Tenancy Agreement who will be using your space. It includes all members like married couples, parents, children, single members etc. This gives a proof that you give them the right to use your property and also in case you want to put restrictions on the number of tenants.
Term of the Tenancy
Make sure that you clearly specify in the Tenancy Agreement document whether it is a rental agreement or a fixed one. Mostly, the rental agreements are on monthly basis. Also, make sure that you specify about the flexibility in arrangements of your property only if you are comfortable. If you have any other terms, you must mention clearly.
Rent
The Tenancy Agreement guidelines say that you must specify the amount of rent due which mostly is paid in the first week of the month or the last week of the month. Along with it, you must also inform about the mode of payment and late fee charges, if any.
Fee Deposits
Here, we mean to say about the security deposits, its use and return policy. Be clear and specific on the Tenancy Agreement document to avoid hassles and confusions. It usually includes the amount of the security deposit, how you may use this deposit, when and how to return the deposit, and any non-refundable fees.
Maintenance and Repairs
This section in the Tenancy Agreement is the most important of all as it creates tussles between the landlord and the tenants usually. Tenancy Agreement guidelines suggest that you must specifically mention about the repair cost and maintenance charges. Also, inform about the responsibilities of the tenants which might be to keep the property clean, cause no harm and not to make alterations in the premise.
Restrictions on Tenant Illegal Activity
Ensure that you mention about the illegal activities restricted like drug dealing etc in your property. The Tenancy Agreement guidelines suggest that you also inform about the entry and exit of people like neighbors, relatives, friends, etc.
Other Restrictions
Ensure your Tenancy Agreement complies with relevant laws like health and safety codes, occupancy rules etc. Also, mention about the entry of pets. Thus, you must cover every aspect in the Tenancy Agreement to maintain healthy relationship with one another. These Tenancy Agreement guidelines will help you in drafting a perfect legal document for the same and avoid unnecessary confusion.
