Standard Tenancy Agreement In Nigeria

It is also a very simple part of the lease. The property provided for the rental agreement includes all real estate, apartments, houses, business offices, car parks, vehicles or storage units. It includes not only a bedroom, but also common areas of accommodation, such as basement, attic, laundry, balconies, pool, roof terrace. A rental agreement also specifies who is responsible for certain damages and repairs. If a tenant causes damage that goes beyond normal wear and tear, the landlord can use the deposit to cover the costs. In addition, the owner should ensure that his leased property remains in an acceptable state of life. Section 7 of the Act stipulates that tenants must comply with the rental agreement, which involves the one-time payment of their rent, in order to avoid problems, that they behave in the right way, that they must obtain the owner`s consent before repairing the structural damage caused to part of the building, subletting and transformations. In addition, when a rental agreement is obtained, certain rights and rights are created separately for both parties, these rights include the following rights: A rental agreement is an agreement between a landlord (the party who owns the property) and the tenant (the person holding the property for hire) by indicating the terms of the contract such as the tenancy , the use of assets, agreements between the two parties, termination conditions, etc. Nevertheless, some agreements require special attention. The more an individual can benefit from or lose an agreement, the more attention such an agreement deserves. For example, a simple online purchase transaction cannot receive the same attention as a mortgage contract, employment contract or lease. This is because these latest agreements generally impose more privileges or debts on individuals than the former.

Given the importance of these latest agreements, it is imperative that each person related to them understand the terms mentioned in them. A fixed-term lease ends on a specific date and does not often require termination. The agreement generally contains the conditions for access and regulation of these characteristics. These can only be general rules on use or certain conditions. A rental agreement is a relationship between a person and his owner. A lease gives rights to both parties. The dominant factor of a lease is that it is safe for a term, which is usually between one to three years with the possibility of renewing itself. Any three-year lease is considered a lease agreement and not a lease. However, it is important to note that under Lagos State Tenancy Law 2011, a landlord cannot accept rent beyond a one-year period, except for designated areas such as Ikoyi, Victoria Island, Apapa and Ikeja GRA. Remember that a written agreement, confirmed by the landlord in front of a witness, that he received rent from his tenant, will be sufficient.

Whatever the family, kindness, corporatization and caring of your landlord, please always ask for receipts of your rents paid to secure your morning. According to the law, an owner has the right to issue a “notice” and neither is a right. For example, if a tenant waived his right to terminate while signing the tenancy agreement.