Nov 18 2015, 12:25 PM
QUOTE(ahlin @ Nov 9 2015, 07:41 PM)
Hi all sifus, when renting out your house, did you prepare tenancy agreement? What terms have to be take care of? Basic thing like rental per month, duration, deposit, name of both parties, address of house. Besides this, what have to be included?
Sorry if my question wasn't that professional. Looking forward to all advice!:)
If possible get a lawyer to draft the tenancy agreement. Besides the commercial terms, you will have to take note of matters such as the following:-Sorry if my question wasn't that professional. Looking forward to all advice!:)
(1) Covenants by the tenant - what they can do and what they cannot do.
(2) Default - what rights do you have in the event of a default by the tenant.
(3) Termination - whether parties have the right to terminate by giving notice. If not what are the consequences of early termination.
(4) Costs - who pays the costs for the Tenancy Agreement and the stamp duty - in practice, it is the tenant that pays.
Advisable to get a lawyer to draft the tenancy agreement. Have seen many agreements from agents that are in a mess. Cut and paste only.
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