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Things to Look Out for in Tenancy Agreement

September 17, 2023 By Admin

When it comes to renting a property, a tenancy agreement is a critical document that outlines the terms and conditions of the tenancy. It is a legally binding agreement that protects both the tenant and the landlord.

As a tenant, you need to ensure that you thoroughly read and understand all the clauses in the tenancy agreement before signing it. Here are some things to look out for in a tenancy agreement:

1. Rent and Deposit:

The tenancy agreement should clearly state the rental cost and deposit amount. It is important to ensure that the rent amount is within your budget, and the deposit is reasonable. Make sure to clarify the payment process, the due date, and the consequences of late payments.

2. Duration of the Tenancy:

The tenancy agreement should state the exact period of the tenancy, including the start and end date. If it is a fixed-term tenancy, make sure to check if there is a possibility of renewal.

3. Termination Clause:

The agreement should include a clause that outlines the procedure and notice period for ending the tenancy. Make sure to understand the notice period required before vacating the property and the penalties for breaking the agreement before its expiry.

4. Maintenance and Repairs:

The agreement should state who is responsible for the maintenance and repairs of the property. If it is the landlord`s responsibility, ensure that there is a clear process for reporting and fixing any damages or issues.

5. Utilities:

The tenancy agreement should specify which utilities are included in the rent, and which you will have to pay for separately. Make sure to understand the payment process for any separate utilities and the consequences of not paying them on time.

6. Restrictions:

The agreement may have restrictions on activities such as smoking, pets, or alterations to the property. Make sure to read and understand these restrictions before signing the agreement.

7. Insurance:

It may be the tenant`s responsibility to insure their personal belongings, while the landlord insures the property. Ensure that you have adequate insurance coverage for your belongings.

In conclusion, a tenancy agreement is a crucial document that protects both the tenant and the landlord. As a tenant, make sure to thoroughly read and understand all the clauses before signing it. If there is anything you don`t understand, seek legal advice before signing.