Penrose by CDL does not have a comprehensive set of laws governing landlord-tenant relations.Therefore, what is specified in the tenancy agreement is important in safeguarding the rights and interests of both tenant and landlord.As a starting point, the essentials of a tenancy agreement are:
1. The full name and contact address of both landlord and tenant
2. Address of the leased property
3. Duration and commencement date of the lease
4. Rental amount, payment schedule and payment details
5. Any additional fees to be paid, such as agent commissions
6. Landlord’s and tenant’s covenants, stating clearly the obligations each party has towards the other. This section should be carefully negotiated and drafted to encompass both parties’ interests comprehensively.
7. Inventory list of all the items in the leased property and the working condition, to be checked and signed by both parties to avoid future maintenance disputesThis outline lays out a basic skeleton of what a tenancy agreement should typically look like.However, having these basic clauses doesn’t guarantee that you’re free from any legal troubles.Ever wondered about the “what if” scenarios? Read on to have these doubts answered!
Duration Of The Tenancy Agreement
“The term of lease shall be for a period of three years and one month commencing from the Lease Commencement Date (“Term”) unless renewed or terminated earlier in accordance with this Lease Deed.” (This is a sample clause and does not constitute any form of legal advice.)The duration of a lease must always be stated clearly in the tenancy agreement. This duration begins on the commencement date of the lease (which must be stated too) and must be strictly adhered to by both parties.If either party wishes to shorten or extend the duration, there must be a mutual agreement, or else severe consequences will follow.It’s important to note that this clause determines the validity of your lease under the law. Never assume that this clause is a given in the agreement, things could happen.And, you definitely don’t want your tenancy agreement to be denied of legal effect just because this clause isn’t included.