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Alternatives to Residential Lease
A Residential Lease is also referred to as a:
A Residential Lease is a legally binding agreement negotiated between landlord and tenant, when the potential tenant is considering renting residential property from a landlord or via an agency. The Lease includes address of the property, tenant and landlord contact details, an inventory of fixtures and fittings, terms of the lease.
The Lease can cover a wide range of issues including:
Both the tenant and the landlord should keep a copy of the signed agreement for their records.
This Residential Lease Contract is applicable when renting any residential property, including:
Anyone becoming involved in a contract related to rental of residential space needs a valid contract to outline the rights and responsibilities of both parties, i.e. the landlord or a tenant.
People who may find this information useful include:
Some residential rental contracts include terms offering a rent-to-buy or rent-to-own arrangement, whereby the tenant has an option to eventually buy the property they lease. This option to purchase offers some tenants the option to buy a home within a specified period of time and / or for a certain price.
This form of residential lease agreement is used when a landlord wants to sell a home, but, the prospective tenant does not have sufficient deposit to afford a mortgage, or they have a negative credit rating, so cannot secure mortgage lending provision.
Right to buy tenant(s) can choose to pay a non-refundable fee to their landlord in return for the right to purchase their home at a pre-determined, fixed price.
If such a tenant decides not to purchase their right-to-own property, the landlord keeps the 'option fee'; this is tantamount to a non-refundable deposit.
What if a Residential Lease Agreement differs from the law?
A Residential lease agreement is a legally binding tenancy agreement a Landlord and tenant of a residential space. It outlines the rights and responsibilities of both the Landlord and Tenant during the tenancy and cannot take away legal tenancy rights.
What protections does a residential lease agreement offer?
There are laws which protect both tenants and landlords; the tenancy agreement sits within this framework, so where the arrangement does not comply with the law, the law takes precedent. The terms and conditions of any specific lease make clear the rights and responsibilities of each party, so that where breaches occur, either side may cite terms and conditions which refer to that given situation. Where there are gaps in an agreement, the law must be referred to.
What happens when the landlord changes terms of a periodic tenancy?
The landlord cannot justifiably change the terms of a residential lease during any specified lease period. If the landlord wants to change the terms for a forthcoming period, the tenant may either accept these changes and continue to live at the premises, but on the new terms, or opt to give statutory notice to terminate the lease.
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