How to go about the property letting agreement?

Posted under Advice by Michael

In order to rent a property, you need to have an agreement with the owner. A rental agreement is a written contract between the two parties and is often known as lease.
The amount of the rent, parties involved, the property and the term of rental should be specified in the agreement.

Details like the condition of the property can also be mentioned in the agreement. Therefore, you should understand those conditions, too. In case of housing lease, the agreement may go into details like whether you are living alone or you are with your family, children, or friends.

The start and the end date of the lease are mentioned in the contract. Therefore, you have to renew the agreement if you are staying beyond the agreed term. In order to terminate the contract, notice must be given at least 15 days before the end of the month. The first and the last months’ rent needs to be paid by the tenant and the payment can be done monthly, yearly or in advance. Tenants are also asked for a security deposit, which is held by the owner until the property is returned in a good condition.

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