Since 2014, the number of 43 million housing units occupied by renters in the United States has remained steady. According to a report by Statista, the high demand for rental homes may be related to unaffordable homeownership. That is why 104 million individuals in 2019 rented property because it is one of the most cost-efficient ways to find a temporary place to stay. Because of that, landlords need to make sure their business is protected from the surge of renters with a tenancy agreement. Find out more about more by continue reading this article below.
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What Is a Tenancy Agreement?
A tenancy agreement is a document that serves as a lease contract and contains everything both landlord and tenant need to know about the terms of the tenancy. It sets out the expectations of the parties during the time a property is occupied. Moreover, this agreement is legally binding when signed by the parties mentioned in it. When a landlord makes arrangements about the tenancy, it should be part of the tenancy agreement as long as they abide by the law.
How to Write a Tenancy Agreement
With a tenancy agreement, landlords or homeowners can specify requirements for tenants occupying their property. Whether you are renting out a vacation house or an apartment, you need to write a tenancy agreement to protect the rights of both the landlord and the tenant. This way, the parties’ rules, and duties are upheld properly. Here are the steps that will guide you in writing an effective lease agreement.
1. Identify the Parties
Before writing a lease or rental agreement, make sure to know who you are making business with. Digging a little deeper into a potential tenant’s employment background, tenancy history, and credit score must be done to ensure that you are letting a reputable person stay in your property. When your prospective tenant passed your standards, it is time to put the arrangement into writing.
Begin the agreement with a title, like “Tenancy Agreement,” “Rental Agreement,” or “Lease Agreement.” Then, identify the landlord and tenant’s legal names and label them as “Landlord” and “Tenant” respectively. You can also indicate the landlord’s business location after the name. Additionally, mention the date when the agreement is written.
2. State the Term of Tenancy
The term of the tenancy is the agreement’s most important part. It describes the property that is being rented out, the property’s location, the commencement date, and the termination period. To elaborate more, you can include the property’s type, premises, the area in square feet, and other amenities. Keep this part short and concise because you can add more relevant clauses in the terms and conditions.
3. Jot Down the Terms and Conditions
The agreement’s terms and conditions are composed of several clauses that are relevant to the tenancy. Some of the most clauses are payments, payment method, late fees, limitations on use of the premises, alterations or repairs, termination, security deposit, utilities, insurance, maintenance responsibilities, disclosure, applicable law, and severability of provisions. It is not necessary to include all these clauses. You can pick at least five that you deemed to be the most relevant. After that, you can consult an attorney to check on the simple agreement if you are not confident with your output. Additionally, you can ask for legal advice in case you stumble into a pitfall in the future.
4. Let the Parties Sign the Agreement
The agreement is incomplete without the parties’ signature. Let them sign the lease agreement with their names. Signing the document means they understand the terms and conditions set out by the agreement and follow these provisions in the entirety of the tenancy term.
What are the most important points to remember about making a lease agreement?
Since states have different rules, familiarize them to avoid confusing technical terms from the other and so that the lease agreement you write does not break the court laws. Moreover, stating the tenancy terms precisely creates a full understanding of the entire agreement.
Will I be sent to jail if I break the lease early?
According to Avvo, you will not be sent to jail if you break the lease early. However, you might be asked by the landlord to pay for the remaining months of the lease with interest and risk losing your security deposit.
Is a verbal lease agreement enforceable in court?
Yes. If the lease’s duration is less than one year, then it is enforceable in court.
The rental business is a good asset that needs to be taken care of because many earn a living from it. One way to do so is with the help of a tenancy agreement. For sure it is quite a challenge to write a compelling agreement that sets out terms and conditions flawlessly. So, templates are here for your convenience. Click the download button and get your copy today!
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