What Needs To Be Included In A Residential Tenancy Agreement?

If you are a landlord letting properties to tenants, you will need a residential tenancy agreement. This agreement is in place to protect you, the tenant and the property. The residential tenancy agreement will establish clear expectations of and for both the landlord and the tenants.

There are some key elements that should be included in the residential tenancy agreement. This is something our property solicitors can complete with you. However, so you are prepared, below we have listed some of the key elements you need to consider for your residential tenancy agreement.

• Parties Involved

The full names of both the tenants and landlords needs to be clearly stated, along with contact details and addresses for both parties.

• The Property

Within the agreement the residential property needs to be described. This includes the address of the property and any relevant details that will help to identify the property.

• The Lease

The start and end dates of the lease need to be specified. This will include any renewal or termination provisions too. Within the agreement you need to clarify if it is a fixed-term lease or a month-to-month arrangement.

• Payment Details

The monthly rent amount needs to be clearly outlined. You will need to include the due date for rent payments along with payment methods that are accepted. It is important that late payment penalties and fees are clearly stated too.

• Security Deposit

The security deposit amount needs to be stated. Within the agreement you need to state what the deposit can be used for. This could include damages and unpaid rent for example. You will also need to include the procedures for the return of the security deposit.

• Utility Arrangements

If there are services and utilities included in the rent, these need to be defined. The agreement needs to confirm what the tenant is responsible for and what is covered in their rent. Services and utilities include things like water, electricity and the internet, for example.

• Maintenance or Repairs

The agreement needs to detail the maintenance and repair responsibilities for the landlord and the tenants. This should also include the guidelines for reporting and addressing any maintenance or repair concerns.

This is just a very small amount of what needs to be included in your residential tenancy agreement. You will also need to think about house rules, the termination process, notices, insurance, landlord access and more. In addition, legal compliance will need to be carefully considered.

This is why we recommend you speak to property law specialists – like our team of friendly property solicitors in Peterborough.