DEPOSITS AND TENANCY AGREEMENTS

Deposits And Tenancy Agreements


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Rental Agreements

Deposits And Tenancy Agreements

When it comes to living in a new peoperty, deposit and tenancy agreements are very important for both the tenant and landlord. The rental contract must be registered otherwise it will be considered as null. The landlord should register the contract within 10 days of the agreement. It is important to include certain details in the contract like the rental period, the rental fee and how it will be paid as well as the required deposit amount. All these details are essential, otherwise the registration will not be considered.

Tenancy agreement

The tenancy agreement is the contract between the landlord and tenant which sets out the rules and regulations. The rules and regulations that are mentioned in the contract must be followed by both interested parties. As a tenant, you should not take the rental property without having signed this agreement. A verbal agreement is often considered to be invalid, therefore it is better to have legal proof in order to have complete legal authority as a tenant. 

Paying deposits

All the tenants need to pay a deposit. The total amount of deposit is stipulated by the landlord. In most cases, it is equal to a month’s rent. When you are renting an apartment, you need to sign a contract with your landlord. The contract outlines how much rent you are paying and all the responsibilities that will be pertinent throughout the rental period. The landlords generally take this rental deposit from their tenants at the beginning of the contract. This deposit is taken as a security so that if there are any outstanding bills at the end of the period,or any damaged property, the security deposit will be used to cover the costs.

Making inventory

To be able to ascertain any damages to property or stolen belongings, it is suggested that an inventory is made. The inventory will include all the objects which can be found in the rental apartment. If there are any damages to these belongings during the stay of the tenant, the landlord might ask to pay for it. The condition of the rental property is very important. Before the contract becomes effective and the deposit is paid, the conditions are made clear to the tenant so that there is no problem in the future.

If you are a tenant:

  • It is important that you go through the tenancy agreement in detail before signing it.
  • You need to make sure you have a good understanding of the contract and all the terms and conditions. It is something that should be seen in detail and you can even ask for legal advice before signing it.
  • Remember that it involves legal paperwork so you should not take it lightly.

The signing of the contract or the tenancy agreement is generally carried on in the presence of the real estate agent.

Valid identification document

The tenant should present a valid identification document to complete the whole procedure. After the tenancy agreement is signed and the deposit is paid, the real estate agency fees are also cleared and paid by the tenant.

FAQ

It depends on the landlord and the method of payment he or she prefers but you can discuss it before finalizing the deal.
When you reach an agreement with the landlord you should immediately proceed to sign the deal.
It can be of any length depending on what the tenant and landord have agreed. Typically tenancy agreements are made for 6 or 12 months.


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