The rental agreement/Tenancy Agreement/Lease Agreement sets out your rights and responsibilities for renting a property. It allows the landlord and tenant to list the details of the tenancy.
The tenant and landlord can agree for additional terms to apply to the agreement in addition to the standard terms. These should be listed on the residential tenancy agreement. The agreement list the things that you must do as a tenant and the things that your landlord must do.
The agreement is legally binding,
The rental agreement has two purposes: Firstly, it allows the landlord and tenant to list the details of the tenancy, such as names of the parties, the length of the agreement, amount of the rent, and how any payments should be made.
Secondly, the agreement includes the terms and conditions of the tenancy. This includes rent, maintenance, and rights and responsibilities of tenants and landlords. Usually, it includes a description of the property: the property's physical address is considered a valid description. Leases must include starting and ending dates. Additionally, a lease must include the amount of rent that is due.
A standard residential lease agreement usually includes:
- Contact details for the lessor and tenant (if the lessor is represented by a property manager, contact information for both should be included)
- The address of the property that is being rented
- Whether a nominee (sometimes called a property manager) or the lessor should be contacted for urgent repairs
- Lease terms, such as the tenancy duration, rent amount, and the frequency of rent payments (weekly, monthly, fortnightly, or annually)
- Rules regarding pets, smoking, or guests
- The method of payment accepted for rent, such as cash, cheque, credit, debit, or payroll deduction
- Whether a rental bond (security deposit) is required
- The rental agreement should include other details, such as the rental rights and obligations of the lessor and tenant, and the preferred method that notices and documents should be served to both the lessor and tenant.