A tenancy agreement is a contract which binds the landlord and tenant regarding the terms and conditions of rental space. It is a legal document which specifies the responsibilities of both the parties involved.
The tenancy agreement can also be oral. Most people are not aware of the legal requirements when they enter into a contract. The letting agents take advantage of this and hoodwink their clients, so that their business continues to grow. It is necessary to know what statements are true according to law and what statements are myths when you sign a tenancy agreement. Find out the six myths related to tenancy agreements in this infographic.
1. Tenancy agreement is mandatory
It’s the landlord’s decision to go for the agreement or not, but not mandatory.
2. Agreement renewal is mandatory
Only a rumor to extract money from clients. Contract doesn’t legally need renewal.
3. Agreement must be valid for six months
This clause no longer holds true.
4. Agreement can be drafted only by letting agents
This is false. You can purchase or download tenancy agreement template for free.
5. Agreement can be filled by qualified professionals only
Again a rumor. It can be filled by anyone, as long as it abides by law.
6. Any clause can be included in the agreement
Clauses should not violate the rights of the parties involved.