A Tenancy Agreement creates a relationship between landlord and tenant through which the landlord, the person in possession of the property, gives the tenant the right to possess that property or a part of it exclusively for a period of time, definite or indefinite in consideration of payment (rent) made periodically either in money or any of its equivalents. In short, a tenancy agreement sets out the key terms the tenant and landlord agree to. The period of time for which the tenancy agreement is signed can be made definite by either of the parties involved.
All individuals who are interested to rent a property should understand the significance of a Tenancy Agreement. These days, real estate is doing well in the market and prospering, so there are various property owners who are keen to rent their properties. A Tenancy Agreement is not only important for the landlord but also for the tenant, hence, both parties must sign the agreement and make it legally enforceable.
Landlords should read the document thoroughly first before handing over the keys to the tenant. The final filed out agreement must make sure that it suits the desires and demands of the landlord as well as the tenant. Those who have no idea of creating a tenancy agreement should take help from the internet and make best use of the websites that offer free templates to suit their requirements. It is no hectic job to prepare the perfect tenancy agreement for yourself if you manage to get the basic template right.
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