This contract is a proof of the tenancy and is a legal step, which is required by any two parties agreeing upon a mutual decision. Although the tenancy contract can be oral as well as written, it is very much preferred and advised to have the tenancy contract in a written format, in order to avoid any undesirable arguments and fights. The written tenancy contract can act as an evidence of all the mutually agreed points by both parties and can be presented to the law if required.
Since, this document is very vital, it should be designed as per certain rules. Most importantly, any tenancy contract must follow a specific country’s law and cover legal formalities. This enables to give advantages to both parties and makes sure as well that they are following all requirements.
It is very important that the agreement have a clear mention of all the details point wise with the signature of the tenant as well as the owner. The presence of a person providing guarantee, that is a third person, is very vital. He has to assure that all payments and dues are dealt with as per the tenancy agreement. The duration of the tenancy, with starting and ending dates, should be mentioned in the contract.
The agreed rental amount should be clearly mentioned in the agreement, which will be paid by the tenant along with the due date for each month. A written declaration by the owner should be mentioned in the tenancy agreement stating the agreed amount of the deposit, both in words and numbers, which will be kept by him until the time the tenant resides there.
The way through which the owner will receive his monthly payment, should be clearly mentioned in the agreement. The owner can either agree to receive payments directly, by cheque or cash, or any other way upon which they agree. If the payment is to be done through a third person, it has to be mentioned too in order to have a documented proof of all details.
Moreover, some other issues can be settled in the agreement, as the tenant will have to pay all the utility bills, reconnection fees (in case of disconnection of any service), license fee of television, etc. Besides, points like the tenants should keep the house or property in good condition, no changes should be made in property without the permission of landlord, property rented for the residential use should not be used for commercial or any other purposes, etc can be included in the agreement. Similarly, the responsibilities of the landlords like the repair of property in case of damages (not done by tenant), tax payment, insurance of property from hazards, etc are also covered in the Tenancy Agreement.
It is very important to have all the details of the mutual consents decided by both parties to make sure that all legalities are being fulfilled.
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