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Once the owner and the tenant come to a mutual decision, they have to sign an important piece of agreement, which is known as the Tenancy Contract. The Tenancy Contract is the pact signed by both parties, one being the tenant and the other being the owner of the property. This document allows the tenant to stay at the property of the owner and gives the owner the right to receive the payment for letting the tenant to reside at his property.

The contract is signed as a legal formality and is a proof of the tenancy, in order to avoid any disputes between the parties after the property has been occupied. The tenancy agreement can be both oral and written. However, it is advised to have it written, since the oral agreement results in many arguments and clashes, as it cannot be verified. As a written document, the contract is more authentic as a proof of the consent. In case of problems, you can easily approach to the authorities with the agreement.

Since, this document is very vital, it should be designed as per certain rules. Most importantly, any tenancy contract must follow a specific country’s law and cover legal formalities. This enables to give advantages to both parties and makes sure as well that they are following all requirements.

It is very important that the agreement have a clear mention of all the details point wise with the signature of the tenant as well as the owner. The presence of a person providing guarantee, that is a third person, is very vital. He has to assure that all payments and dues are dealt with as per the tenancy agreement. The duration of the tenancy, with starting and ending dates, should be mentioned in the contract.

The payment that the tenant has to submit to the owner, has to be stated in both words, as well as numbers next to the agreed due date for the payments. The owner of the property will then give a written testimonial about the security deposit that he has the right to keep till the tenure of the tenancy. Even the amount of the security deposit has to be in words as well as in numbers.

Even the system of the payments should be clearly mentioned in the tenancy contract for future reference, which will state the way the rent will be paid to the owner; either directly, by the state agent, by mail, cash in hand or by signing a cheque. This will be a written proof holding all the details of the payments.

Other important details and points, such as the tenant being responsible for paying all utility bills on time, paying for the reconnection of any certain facility, if it is disconnected etc. are must to be mentioned in the agreement. The agreement will also contain the point stating the tenant’s duty to maintain the house in a good condition and not using it for any illegal purposes. Another point will be stated about the owner of the property to be responsible for paying all the refurbishment and repairing charges, the property’s insurance and the taxes.

It is very important to have all the details of the mutual consents decided by both parties to make sure that all legalities are being fulfilled.

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