Tenancy Agreement

What is a tenancy agreement?

A tenancy agreement is a written contract between a tenant and a landlord or property manager. It outlines the terms and conditions of the rental arrangement, including details such as rent amount, lease duration, and rules for both parties. 

Types of tenancy agreements 

There are two main types of residential tenancy agreements. 

• Fixed term: for a specified period (eg. 12 months). Both the tenant and landlord agree to the duration of the lease, and it typically cannot be terminated before the end date without mutual consent or specific circumstances outlined in the agreement.
• Periodic: has no fixed term specified. It continues on an ongoing basis until either the tenant or landlord gives notice to terminate the tenancy.

What happens at the end of a lease? 

Upon the expiration of a lease, the tenant may be given the opportunity to extend the lease for another term provided that both parties reach an agreement. 

If not, the tenant usually vacates the property, allowing the landlord to either find new tenants or potentially sell the property.