When renting or leasing out a property, there is usually an agreement between the party who owns the property and the individual or organization who is acquiring the property on rent. This document is known as a tenancy lease agreement or a residential lease agreement.
It is important for you to understand the different types of tenancy agreements available and the rules guiding the use of each of these types. This will forestall any disagreements that may result from the leasing arrangement in the future.
A tenancy lease agreement is a contract between the owner of a property and a tenant. It lists every detail about the rental arrangement between both parties including the terms and conditions of the lease plus the rights and duties of the parties involved.
In a tenancy agreement, the duration of the rent or lease, conditions for termination of the agreement, conditions for renewing the lease, the cost of the rent, among other things, are clearly defined. Both parties must agree with the conditions listed in the document and sign the contract before the leasing arrangement can take effect.
There are 4 major types of tenancy lease agreements based on the duration of the lease. These are the term for years agreement, the periodic tenancy agreement, the tenancy at will agreement and the tenancy for sufferance agreement.
The Term For Years tenancy lease agreement is a type of tenancy agreement that allows the tenant to vacate the property after the leasing period without informing the property owner. It is also known as a short fixed-term tenancy and it covers leases that last for 90 days or less.
This type of tenancy lease agreement ends after the stipulated period of time and it cannot be used as a trial period. In addition, the term for years lease agreement does not allow the tenant to leave the property before the expiration of the lease period.
Unlike the fixed term tenancy agreement that allows the lease period to roll over, a term for years tenancy agreement does not extend beyond the period of the lease. Furthermore, under this agreement, the property owner is not allowed to increase the rent if he or she chooses to renovate the property.
A periodic tenancy agreement is a type of tenancy agreement that is indefinite in nature, that is, it has no stipulated end date. Under this agreement, the tenant can make use of the property for as long as he or she wants while paying periodic rent to the property owner.
It can only be terminated through a statutory notice given by either the tenant or the owner of the property. Also, the notice period must be the same as the period of time for which the lease has lasted, unless the other party agrees to a shorter time.
This type of tenant agreement can be created explicitly or by implication. This means that the agreement can expressly state that the lease period is indefinite or it can omit the duration of the lease while making arrangements for the rent to be paid at certain intervals.
To terminate a periodic tenancy, the tenant in question must give 21 days’ written notice to end the tenancy, whereas landlords must give either 42 days’ or 90 days’ written notice depending on the circumstances.
Neither landlord nor tenant can give notice to end a fixed-term tenancy early, so both parties must be sure they want a fixed-term before they sign the tenancy agreement.
The most common type of periodic tenancy lease agreement is the month to month tenancy although it can also be daily, weekly or yearly.
Tenancy at will is a type of tenancy lease agreement that is informal in nature and in many cases, it is not documented. This type of tenancy agreement is also referred to as estate-at-will and it is highly dependent on the discretion of the parties involved; that is, the tenant and the property owner.
Tenancy at will agreement is usually constituted between parties who already have an existing personal relationship such as friends or family. The agreement can be easily terminated by either of the parties whenever they wish with little or no legal implications.
Estate at will agreement does not specify the duration of the lease period or the payment required for the lease. It is flexible in nature and allows both parties to modify the rental terms and conditions as it suits them.
A tenancy at will is also known as a leasehold right because either a landlord or a tenant can terminate the tenancy at any time by giving a reasonable notice. This situation arises when there is no lease agreement or when the tenancy is not for consideration.
Tenancy at sufferance is a type of tenancy agreement that comes to play after the tenant must have exceeded the duration of the lease. It is the aftermath of a tenant’s failure to keep to an earlier stipulated arrangement about the duration of a lease.
In this sense, the continued possession or use of the property is illegal and the owner of the property can choose to evict the tenant and recover any damages. The owner of the property can also allow the tenant to remain in possession of the property while holding him or her to the previous tenancy lease agreement.
This type of agreement is also known as the holdover tenancy or estate at sufferance. In some instances, such tenants can be accused of trespassing and may face legal actions in line with the specific rental and leasing laws operating in the state.
The major difference between tenancy at will and tenancy by sufferance is permission. Whereas a tenant at sufferance differs has no permission to occupy the property after a stipulated period of time, a tenant at will has the permission of the landlord to stay beyond the expiration date of the agreement.
The following information must be included in a tenancy agreement:
1. Office Lease Agreement Form
The Formplus office lease agreement form enables you to swiftly document a rental agreement for your vacant office space.
It collects important information from both the lessee and the owner of the property including the contact details of both parties, duration of the lease, agreed rent, terms, and conditions, and the details of the property placed on lease.
You can also collect the digital signatures of the lease parties directly in your form through the e-signature field in the office lease agreement form. You can also edit the form to suit your peculiar lease requirements in the Formplus builder.
2. Land Lease Agreement Form
Use this land lease agreement form to document your rental agreement for a piece of land before giving it out for commercial or agricultural purposes. This form would help you avoid any form of disagreements that may arise as a result of not having a formal contract that binds the landowner and the lessee.
This form allows you to collect any kind of information that is necessary for your land lease agreement including the description of the property, the lease period and payment modalities.
You can modify this form in the Formplus builder by adding dragging and dropping new form fields into the land lease agreement form template.
3. Sublease Agreement Form
The Formplus sublease agreement form allows you to easily facilitate a sublease agreement with a proposed sub-tenant. It is one of the best ways to swiftly enter into a formal arrangement with an individual or organization who wishes to rent your leased property for a period of time.
With this form, you can also collect payments directly using the Flutterwave, Stripe or Payal gateways, and you can also collect digital signatures in your sublease agreement form.
The sublease agreement form also contains information pertaining to the description of the property and the duration of the sublease.
4. Roommate Agreement Form
You can use the Formplus agreement form to enter into a formal contract with an individual or group of individuals who wish to share your apartment with you. This roommate agreement form clearly spells out the terms and conditions for the cohabitation including the responsibilities of all parties involved.
You can make use of this roommate application form template or modify it in the Formplus builder to suit your needs. Formplus also offers multiple sharing options so that you can easily share your room rental agreement form with prospective roommates.
TENANCY AGREEMENT BETWEEN ABC PROPERTIES (OWNER) AND XYZ HOTELS (TENANT)
The term of this agreement shall commence on …………… (day) of ………… (month) ……….. (year) until ……….. (day) of ………….. (month) ………. (year). The lease shall automatically roll over upon the completion of the stipulated period unless otherwise terminated by either of the parties. This agreement is binding on ABC Properties hereafter referred to as the Landlord and XYZ Hotels hereafter referred to as the Tenant.
Company Name: ……………………………….
Registered Address: ……………………………
Email Address: ………………………………….
Company Name: ……………………………….
Registered Address: ……………………………
Email Address: ………………………………….
The property under the lease is a 5-bedroom apartment located at ………………………………. (address) in Philadelphia.
Amount to be paid as Rent: ……………….. (Dollars)
Rent to be paid: In advance () Weekly () Fortnightly () Monthly
Bond Amount: ……………………… (Dollars)
Rent to be Paid: In Cash () Online ()
Bank Account Information
Account Name: ………………………….
Account Number: ………………………..
Terms and Conditions
Landlord’s Signature …………………
Tenant’s Signature ……………………
In the Formplus builder, you can easily create your online tenancy agreement form by dragging and dropping preferred fields into your form. To access the Formplus builder, you will need to create an account on Formplus.
Once you do this, sign in to your account and click on “Create Form ” to begin.
Click on the field provided to input your form title, for example, “ABC Holdings Tenancy Lease Agreement”.
Click on the edit button to edit the form.
Add Fields: Drag and drop preferred form fields into your form in the Formplus builder inputs column. There are several field input options for tenancy lease contracts in the Formplus builder. You can add signature fields to your form too.
Edit fields: Click on the “edit” icon to modify your form fields. You can modify your tenancy agreement form fields to be hidden or read-only based on your lease agreement needs.
Formplus allows you to add unique features to your online tenancy agreement form. With form customization, you can easily personalize your lease agreement form using the different customization options available in the form builder.
Here, you can add background images, your organization’s logo, and other features. You can also change the display theme of your form.
Formplus offers multiple form sharing options which enables you to easily share your tenancy agreement form with proposed tenants. You can use the direct social media sharing buttons to share your form link to your organization’s social media pages.
You can send out your tenancy lease agreement form as email invitations to your proposed tenants. If you wish, you can share your form’s QR code or embed it on your organization’s website for easy access.
A tenancy agreement can last for as low as three months to as long as seven years. This depends on whether the agreement is a short-term let or a long-term one.
The specific duration is, however, dependent on the terms agreed on by the landlord and tenant.
The answer is yes, it can. Any tenancy agreement can be signed electronically as long as all terms and conditions are stated clearly on this agreement. Both parties should also be defined along with their signature.
Start by creating a simple agreement form online with Formplus to get started.
While in England and Wales, witnesses are not required for agreements shorter than three years, most countries require two witnesses for a tenancy agreement. This is to avoid any future disputes that may arise from the landlord or tenant.
It is important for every leasing arrangement to begin with a tenant agreement form as this helps to protect all parties involved in the contract. There are different types of tenancy lease agreements which cater for different lease arrangements between a property owner and a proposed tenant.
You can also create online tenancy agreement contracts using data-gathering platforms like Formplus. Formplus allows you to easily create different types of tenancy lease agreement forms in the builder and you can also share your form with the tenant(s) using the available form sharing options.
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