A tenancy agreement template is a settlement document between the owner of a certain property and the person who wants temporary proprietorship over that property. The property owner benefits from this exchange by receiving money in the form of rent every month or whatever time period is specified in the agreement. A tenancy agreement acts as a legal document that is signed by both the property owner and the tenant to seal the deal. Once it is signed, it means that both the parties have verbally as well as penned that they both agree to the terms and conditions stated in the agreement. Denying or turning down any of those terms and conditions later on can result in an act of felony and the tenant or property owner can be held accountable on the basis of this agreement.
Formulating a Tenancy Agreement
A tenancy agreement template is used to prepare a professional agreement which is provided by the property owner to tenant. Generally, there are two copies of this agreement, one is held for the homeowner or property owner and the other for the tenant. So, they can both have their own legal proof of the tenancy. It is basically a simple agreement that comprises all the terms and conditions stated by and agreed by all parties. If the tenant has any objection, he/she has to inform the property owner before signing a tenancy agreement. The basic format of a tenancy agreement is as follows:
1. The date on which this agreement is being signed.
2. The name of the property owner.
3. The name of the tenant.
4. Contact information of both parties.
5. Address of the accommodation.
6. The list of terms and conditions that the tenant has to agree to.
7. The exact amount of rent that the tenant has to pay and on which date each month.
8. The signatures of both parties.
9. Consequences of denying or rejecting paying the rent or not taking responsibility for your statements.
Importance a Tenancy Agreement
The tenancy agreement benefits both the homeowner or property owner and the tenant in multiple ways. Some of them are mentioned below:
1. Tenancy agreements are extremely essential when renting out any of your property. It gives the landlord as well as the tenant certain rights. At the same time, it sets boundaries for the parties without the invasion of each other’s privacy. To achieve this, the tenancy agreement must be formulated in such a way that all the terms and conditions are stated in a crystal clear manner to avoid any future mishaps.
2. Once the tenancy agreement has been signed, it reduces the risk of getting involved in quarrels or debates with the other party regarding the rent, maintenance of the accommodation or any other subject.
3. A tenancy agreement properly states the responsibilities of both parties. For example, responsibility for the maintenance of the property is the person that has to pay for the electrician or plumber. This way, when the agreement is signed, both parties agree to take authority over their respective responsibilities and lead a healthy landlord-tenant relationship.
Templates for Tenancy Agreement
Source: www.cea.gov.sg
Source: www.wordstemplates.org