The Importance Of Using A Tenancy Agreement A tenancy agreement is a schematic arrangement between tenants and landlords which sets out the terms and conditions covering the rental arrangement. Signed by both party before the property is let, a tenancy agreement presents the rights and responsibilities that the landlord and tenant concur to each other as well as to the belongings. There is specific information that should be in the agreement which includes: address of the property, start and end date of the tenancy, name and address of the landlord (and letting agent if used), amount of rent and date it is due together with whether a deposit is required and what it covers. Another data that is included in the tenancy agreement is whether or not the agreement can be terminated sooner by either of the two parties, and how much time should be given in the event that a tenant is able to sublet. Guidelines with regards to pets, smoking, and who will be accountable for the repairs should also be included in the tenancy agreement. This is also true about an assured shorthold tenancy agreement template. Tenancy agreements must be given top priority by both the landlord and the tenant every time a property is rented. An agreement gives the tenant reassurance of a specified period of tenure and similarly, a landlord has confidence of having a tenant for a confirmed period of time. In addition, by clearly setting out what is expected of each party (including in terms of payment, repairs and options to end the tenancy early), both landlord and tenant will be fully aware of their responsibilities to each other and the property. This leaves no room for confusion when issues arrives or the tenancy comes to an end. Property inventories must also be well arranged and should become an indispensable piece of the terms of the agreement on tenancy. The inventory will distinguish the status of the property which includes the carpet conditions, walls, and built in fixtures and fittings, along with the other items or furniture that are considered as part of the tenancy. An inventory that is adequately prepared will protect both the landlord and the tenant if issues would uprise over the condition of the rented property by the end of the tenancy.
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