TENANCY AGREEMENTS FOR LANDLORDS AND TENANTS (What you need to know)
Good day our esteemed clients, followers, prospects, landlords and tenants. I’m here again this lovely day to take you through another important topic on your favorite real estate platform, Lasgidi REAL-TOUR. Like always, we educate you on important things you need to know about real estate. Today, i will be focusing on Landlord and Tenant. I will be taking you through TENANCY AGREEMENTS FOR LANDLORDS AND TENANTS, Many of us might be familiar with tenancy agreement, nevertheless, for the sake of some of us who doesn’t know what tenancy agreement is all about, this article will tell you the important things you need to know about tenancy agreement.
- WHAT IS A TENANCY AGREEMENT
A Tenancy Agreement is a contract between a Landlord and the Tenant which sets out the rights and obligations of both the Landlord and the Tenant when renting property.
A Tenancy Agreement is not mandatory, and the fact that a tenancy agreement does not exist in a tenancy relationship does not mean that the Landlord and Tenant have no rights in the tenancy. Both the Landlord and Tenant have something called implied rights in all Tenancy relationships whether or not a Tenancy Agreement exists. However, a Tenancy Agreement is important because it provides further protection for both the Landlord and Tenant, and it expands on the implied rights.
If you are a Landlord about to rent out your property, or if you are a Tenant about to rent a property, it is advisable that you insist that there is a Tenancy Agreement as this will let you know what rights you have and what rights you don’t have.
2. WHO CREATES THE TENANCY AGREEMENT?
In Nigeria, the Tenancy Agreement is in most cases created by the Landlord or their lawyer. As the Landlord is the owner of the property, he/she set the terms on which they want to rent their property and present this to the Tenant.
3. RIGHTS OF THE TENANTS
Tenancy Agreement being a contract between two parties – the Landlord and the Tenant, the Tenant has the right to review the terms of the Tenancy Agreement to determine whether or not the Agreement protects his/her interests. Most Tenancy Agreements are straightforward and easy to understand; however, it is advisable where possible to get a lawyer to review the terms and advise on how they affect the Tenant’s current and future rights. If there is a part of the agreement the tenant is not satisfied or pleased with, He has the right to propose to the Landlord or his representative what he feels in his own interest is best for him and the landlord in return will look into it and if deemed worthy of acceptance, both parties agree to it.
4. THE CONTENT OF A TENANCY AGREEMENT
As a Landlord or a Tenant, you need to ensure that your Tenancy Agreement includes the following terms and information at a minimum:
- The names and addresses of the Landlord and the Tenant
- The address of the property
- The start date and end date of the tenancy
- The rental amount
- Other applicable amounts including – legal fees, agency fees, security deposits, service charges/fees etc as applicable
- The obligations of both the Landlord and the Tenant
- An outline of bills the Tenant is responsible for
The above list is not exhaustive and in fact there are more terms that are frequently included in well-drafted Tenancy Agreements. Before renting a property, it is important that a well-drafted Tenancy Agreement is signed by both parties as it is the most important document in the tenancy relationship.
5. WHERE TO GET A TENANCY AGREEMENT
Whether you are a landlord or the agent of a landlord interested in renting our your property. It is important that you create a tenancy agreement before renting out the property. The tenancy agreement can be obtained by consulting a proven real estate lawyer or a competent real estate agent to prepare the tenancy agreement.
I hope you have been able to learn one or two new things you haven’t heard about tenancy agreement. As a tenant renting a property, look into the tenancy agreement and ensure the terms and conditions are clearly spelt out, consult a lawyer if needs be for any terms you might find hard to understand in order to avoid future dispute with the landlord. Until another time when I will be taking you through another important topic, I remain Ajani Dhikrullah Ololade, Your anchor on this platform. Do have a great time and remember to always stay safe.