A tenancy agreement is a contract between a landlord and tenant regarding a property. This agreement outlines the rights of the landlord and the rights of the tenant. These rights include the tenant’s right to use the property without interference and the right of the landlord to receive rent payment for such property.
Tenancy agreements may be written or oral, although it is more advisable to have written agreements for good reference purposes. The agreement contains details of the arrangement on the tenancy between the landlord and the tenant, details that must be aligned with the law. The law already has provisions for the rights and responsibilities of landlords and tenants. No details in the tenancy agreement can be in conflict with the stipulations of the law.
Tenancy agreements may be made up of express terms, which are what is specified in the written agreement or orally. They could also be made up of implied terms, which includes the rights provided by the law for both parties or established arrangements by custom.
A tenancy may be fixed or periodic. For fixed, the contract runs for a set period of time. For periodic, it could be weekly or monthly.