Tenancies

Tenancies — No Comments
15
Aug 11

Things You Need to Know About Tenancy

Many people enter into a tenancy situation and are a little confused about all of the many aspects that are associated with this. There is a great number of details that have to be addressed when making the decision to enter into this type of agreement.

The first thing is the length of time that is involved in the agreement. This is often referred to as the lease. This time will range from either a six month lease to a twelve month lease. The longer leases tend to have a slightly lower amount on the monthly rent and are as a result a little more of a smart choice.

The deposit that is being asked for will be important to make sure that it is considered carefully. Several property owners and management companies will ask for this and will not return it to you in the end. This is something that has to be looked at closely in an effort to make sure that the deposit is able to be returned at the end of the lease.

Ask the person in question about the penalty for breaking the lease early. There are often hidden fees that are associated with the breaking of a lease and this will as a result lead to a lot of people not making the decision to want to break the lease. The most common penalty is that of you losing your security deposit.

Ask about the ability to rearrange or even decorate the rental space. There are again several places that have a tough policy about this and will not be open to you taking the time to do this. The possibility of you losing your security deposit will be great depending on the person you are dealing with and the exact nature of the changes that were made to the space.

Now that you know a few of these tips and tricks, you are in a position that you are able to see the results come from you taking the time to rent a spot from one of the many places that are able to be rented from. If you need you can always call a rental referral agency to help you with the finding of a home that you will be happy that you went and rented.

Tenancies — No Comments
12
Apr 11

Using Schedules for Tenancy Agreements

The key to drafting a Tenancy Agreement is to keep it as simple and easy to understand as possible. A good draftsman avoids unnecessary use of legal jargons and phrases. It does not make sense for a draftsman to draw up an agreement to which the parties themselves have no idea what it is talking about. Concise words are used and sentences are kept short.

The presentation and layout of the Tenancy Agreement should be as clear as possible. In this connection, the goal of the draftsman is to organise the text so that it is reader friendly. Proper use of fonts, size of text, white spacing and paragraphings go a long way to ensure that the Tenancy Agreement is coherent and not intimidating to the reader.

In some cases, the draftsman uses Schedules in the Tenancy Agreement so as to keep the important details in a separate page. These details would enable the parties to know the important terms which bind them. What are some of the details that are usually kept separate in the Schedules?

1. Name of parties
2. Addresses of the parties
3. Address of Demised Premises
4. Type of demised premises eg. whether it is residential or commercial
5. Permitted use of the demised premises
6. Date of the Tenancy Agreement
7. Date of Commencement of the Tenancy
8. Date of Expiry of the Tenancy
9. Rental and frequency of payment of rental
10. Option to renew
11. Rental Deposit payable
12. Security Deposit payable
13. Fixtures and Fittings included eg. cabinets, bedroom furniture, electrical appliances etc.

An additional advantage of using Schedules is that it allows the draftsman to create a master Tenancy Agreement which only need an amendment of the details in the Schedules as and when a new tenancy agreement needs to be drafted. This saves the draftsman from having to draw up a new agreement everytime a need arises.

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