When you`re renting a property, one of the most important documents you`ll receive is the tenancy agreement. This legally binding contract sets out the terms and conditions of your tenancy, including things like rent, security deposits, and the responsibilities of both tenant and landlord. It`s vital that you fully understand the tenancy agreement policy before you sign, to avoid any misunderstandings or disputes down the line.
Here are some key things to look out for in your tenancy agreement:
1. Rent: This will be stated clearly in the agreement, along with how often it must be paid, and any late payment fees that may apply.
2. Security deposit: The agreement should specify the amount of the security deposit, as well as how and when it will be returned to you.
3. Length of tenancy: Your agreement should state how long the tenancy will last, including any renewals or extensions that may be available.
4. Termination: This section will outline the circumstances in which either party may terminate the tenancy, such as non-payment of rent or breach of agreement.
5. Maintenance: Both tenant and landlord will have certain responsibilities when it comes to maintaining the property, and these should be clearly set out in the agreement.
6. Pet policy: If you have pets, your tenancy agreement should state whether they are allowed in the property, and any restrictions that may apply.
7. Subletting: If you plan to sublet the property, you must have permission from the landlord, and this should be included in the agreement.
8. Alterations: Any changes or alterations to the property must be agreed with the landlord, and this should also be stated in the agreement.
9. Utility bills: Your agreement should set out who is responsible for paying for utility bills such as electricity and gas, and how they will be split if necessary.
10. Insurance: It`s important to ensure that you have adequate insurance coverage as a tenant, and your tenancy agreement should state whether you are required to have specific policies in place.
By carefully reading and understanding your tenancy agreement policy, you can protect yourself and avoid any potential problems during your tenancy. If you have any questions or concerns, don`t hesitate to ask your landlord or a legal professional for clarification.