The Facts about Tenancy Agreement

Whether you are a landlord or tenant, a written tenancy agreement or deed of lease, as the case may be, is indispensable, and must be given proper attention.
It is not enough that there is a written tenancy agreement... what is important is the content of the agreement, because even when there is a written agreement, there may still be some issues that ought to be addressed which were not covered by the agreement. In addition, it is possible to get yourself committed to certain issues, which, ordinarily, you would not have wanted to make yourself bound. But because you did not give it proper attention, you make yourself bound by the written agreement. So, there is the need to be cautious, meticulous, and attentive when entering into tenancy/lease agreement.
The Essentials
These are terms of the agreement which even some illiterate persons know, which are often inadvertently overlooked in the agreement. In addition, it is possible to have taken note of them, yet, in the course of reducing them into writing, they are omitted. And since the court would always construe the agreement as they are written, the omission may affect either party negatively. Ambiguity can also spell dispute between the parties.
In any tenancy/lease agreement, it is important to consider these questions:
Who is the landlord or prospective tenant? What is his address? What is the nature of the tenancy, is it a one-year, two-year, four-year, or ten-year tenancy? When does the tenancy commence? And when does it expire? As party to the agreement, has your terms and covenant been properly represented in the agreement? What about the rent agreed upon? Has any rent been paid or partly paid? If yes, how much is it and what period does the rent covers? Can the tenant assigns, transfers, or sublet? Who is to insure the premises- the landlord or the tenant? Should rent review clause be inserted? What about option to renew tenancy agreement?
These are some of the issues to be deliberated upon by both parties and they must ensure that they are included in the written agreement.
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• Where tenancy is for a fixed period of say 4 – 10 years or more, ensure that the agreement is made by deed. This is in compliance with the provision of the law. A deed of lease is simply a document that is signed, sealed and delivered by both parties to the agreement.
• Know what you are signing. Do not rush to sign any document until have carefully peruse it. Ensure that the written statements represent the agreement you have entered into.
• Where there is any ambiguity or anything left out, point them out and ensure they are properly addressed before signing the agreement/lease.
• Check your obligations or covenants in the agreement/lease. Do they work hardship on you; I mean is it what you have agreed to in the course of the agreement? You have a chance of properly addressing it before you sign the agreement/lease.
• Last but not the least, you consult your lawyer. I put it as my last point because we have a tendency to do things in our own way without consulting our lawyer.