The tenancy agreement is a very important piece of paperwork involved in rentals. It is a legal agreement between the landlord, real estate and tenant stipulating the rules regarding the rental property. These rules are expected to be abided by at all times and failure to do so results in a breach of contract. Tenancy agreements do not only cover the landlord but also the tenant. When a tenant has signed a tenancy agreement it is expected that whilst they respect the property they are in, their privacy and right to quiet enjoyment of the property is also respected.
Agreement types and inclusions
There are two types of agreements that may be entered into. If a tenant agrees that they will rent the property for a fixed period of time, such as 6, 9 or 12 months, this is known as a fixed term agreement. The other type of agreement is a periodic agreement. This is where a tenant will occupy a dwelling for an indefinite amount of time. In either case, a written agreement is always required. Even if the property is rented to a family member or friend, the agreement is a must. Some tenancy agreements may vary from others in that there are different special terms between landlord and tenants. All tenancy agreements however should include certain details. The name and address of the tenant and, where applicable, the Brisbane property manager should be listed on an agreement. An agreement should also state when a fixed tenancy agreement will start and end or if the agreement is periodic. What each party involved in the tenancy agreement are and are not allowed to do should be listed as well as any special terms agreed to. Naturally, all agreements should have the amount of rent to be paid and how it is to be paid.
Signing and returning
The agent should never take any money, unless it’s a holding deposit, before giving a copy of the agreement to the tenant. It is the tenants’ responsibility to read this document carefully. Once they are sure they understand their role in the agreement, it should be signed and returned to the agent within 5 days. This is then signed by the agent and a copy with all signatures should be returned to the tenant prior to moving in. This final step in the process is the duty of the agent and if they fail to comply, the tenant should request a copy before moving.
All questions regarding a tenancy agreement should be directed to your property management Brisbane. To ensure everyone involved in renting is happy, seek the right advice.