Contract Glossary
Tenancy Agreement
Definition
A tenancy agreement (also called a rental agreement) is a contract between a landlord and tenant that grants the tenant the right to occupy a property for a specified period in exchange for rent. It establishes the terms of the tenancy including rent amount, payment schedule, security deposit, maintenance responsibilities, rules for property use, and conditions for termination. Tenancy agreements can be fixed-term (set end date) or periodic (month-to-month, automatically renewing).
In Practice
A property owner rents out a two-bedroom apartment using a 12-month tenancy agreement. The agreement specifies $1,800/month rent due on the first, a $3,600 security deposit, tenant responsibility for utilities, a no-pets policy with a service animal exception, and a 60-day notice requirement before the lease end date if either party doesn't want to renew. After the fixed term, the tenancy converts to month-to-month.
Example Clause
Landlord hereby leases to Tenant, and Tenant hereby rents from Landlord, the premises located at [Address] (the 'Premises') for a term of twelve (12) months commencing on [Start Date] and ending on [End Date], at a monthly rent of $[Amount], payable in advance on the first day of each calendar month. Tenant shall pay a security deposit of $[Amount] upon execution of this Agreement.
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