Essential Components of a Tenancy Agreement

There are many things that should be mandatorily mentioned in the tenancy agreement and the separation agreement. Missing out certain critical data in these documents can cause problems.

London, United Kingdom (prHWY.com) October 19, 2012 - Business and residential lease agreements provide the tenants with a contract that is legally enforceable in relation to the property they rent. As businesses and homes are vital parts of people's lives, it is important that the tenancy agreement addresses all important issues. The agreement should be written in such a manner that it provides security to both parties involved. You could also double check if these issues are addressed when you are reading the lease agreement before signing it. Thorough research and cross checking is essential while you prepare any kind of legal documents like separation agreement, prenup and many more.

Parties that are involved in the lease should be mentioned in the agreement. This is to say that names of all the landlords and tenants should be in the agreement. The property should be described well in the agreement with the unit number, address etc. The cost of the rent should be clearly specified in the agreement along with the rent collection terms. In other words, the date by which the rent is due every month should be mentioned. The next important detail to be mentioned is the term of the lease. The beginning date and the ending date of the lease should be stated in the tenancy agreement. While preparing any legal document like separation agreement or prenup, it is important that no significant detail is left out.

Termination of the lease for various reasons like nonpayment or damage to the property must be mentioned. Terms of any penalties should also be mentioned in the tenancy agreement. The amount paid as the security deposit and how it would be released to the tentant in the future should also be clearly stated. For the landlord to be able to charge any late fee on the rent there should be a clause in the agreement stating the exact amount. The lease should also mention whether the renter or the landlord is responsible for paying the utilities. When it comes to issues regarding transaction of finances it is always better to put everything down in a legally binding document, whether it's a rental agreement or a separation agreement.

Most residential leases have no problem if guests stay overnight and business leases allow customers or clients to stay. However, there should be a clause in place stating how long guests can stay free of charge. This is because after a certain length of time, the guests would be considered as occupants and it's necessary to define this period in the tenancy agreement. To avoid confusion of any sort, its better to be upfront about these issues. The renter could inform the landlord before signing the agreement about regular guest visits and how long they would stay. Both parties being completely honest is the best way to create any legal contract whether it's a rent agreement or separation agreement.

Whether or not pets are allowed in the premises is something that needs to be addressed in the tenancy agreement. Some agreements also go on to state which kind of pet is allowed and which isn't. Any kind of limitation that is imposed on the size, species or breed of the pet should be mentioned. Consider the above mentioned information and ensure you carry out similar research for other important legal documents like a separation agreement.
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