Tenancy in Columbia, SC is always high in demand. This is one of the most common real estate transactions, but often the most problematic one. This is mainly because that the rental property is legally owned by one person and utilized by another.
While this tenant-landlord relationship creates a lot of need for negotiations and disagreements, there are also few things that all the tenants must look out for at the time of finalizing the lease agreement. Normally, all the tenants provide a written document of the tenancy agreement. However, there are few real estate transactions that are based on unwritten tenancy agreements.
Moreover, these agreements also contain some unfair terms and, if they remain unnoticed by the tenants, they may cause the tenants to face the serious financial burden in the future. To assist you further, let us have a look at them in detail.
The basics of a tenancy agreement
A written tenancy agreement includes the following information;
- The name of the tenant/landlord and address of the rented property
- The amount of each rental payment and the term of the lease
- The kind of tenancy such as short assured or assured and the time of rental payment
- The inclusion of energy bills in the rental payment in addition to council tax
- The amount of security deposit and the circumstances in which tenant will not remain eligible to collect the deposit.
- Any other important terms such as conditions of ending a lease or If the tenant is eligible to sublet the rental property
Unwritten lease agreements
Even if a landlord does not provide a written document of the lease agreement, the assured tenancy continues to exist. Moreover, the conduct of both the parties will reflect the terms of the contractual tenancy. However, this conduct may be the only evidence of the existence of the tenancy agreement. In addition, a tenant can also apply to the court to have the lease agreement as the written document.
The unfair terms of a tenancy agreement
The unfair term of a tenancy agreement is basically the conditions which are not individually discussed by both the parties. While this may create a discrepancy in terms of the responsibility and rights, a tenancy agreement must be easy to understand and should only contain the terms that are agreed upon by both the landlord and the tenant.
Let us have a look at some common unfair terms of a tenancy agreement;
- Making the tenant pay for the cost of repairs that are basically the responsibility of a landlord
- Giving the absolute right to the landlord to decide how and when the lease terms are breached
- Prohibiting the transfer of tenancy (any assignation) to some other person.
- Allowing the absolute right to the landlord to enter the rental property and without any prior notice
- Keeping the terms unclear about the right of landlord to take back the possession of the rental property and without getting a court’s order to proceed
While tenancy agreements are very common real estate transactions, without due consideration, this agreement can become a great source of ongoing disagreement between the landlord and tenant.
If you reside in Columbia, SC and need professional real estate consultation, head over to I Sell This Town right away!