When it comes to short term let properties, it is crucial to have a tenancy agreement in place. A tenancy agreement is a legally binding document that sets out the terms and conditions of the tenancy between the landlord and tenant. It is important for both parties to fully understand and agree to the terms stated in the agreement in order to avoid any potential disputes or issues.
Here are some key points to consider when drafting a tenancy agreement for short term let:
1. Duration of the tenancy: As the name suggests, short term let tenancies typically have a shorter duration than long term leases. The duration of the tenancy should be clearly stated in the agreement, including the start and end dates.
2. Rent payments: The agreement should state the amount of rent to be paid, how it should be paid, and the frequency of payments. It is also important to include any late payment fees or penalties.
3. Security deposit: A security deposit is a common requirement for short term let tenancies. The agreement should state the amount of the deposit, how it will be held, and the conditions under which it will be returned.
4. Maintenance and repairs: The landlord and tenant should agree on who is responsible for maintaining and repairing the property during the tenancy. This should be clearly stated in the agreement.
5. Tenant obligations: The agreement should outline the tenant’s obligations, such as keeping the property clean and tidy, not causing damage, and complying with any rules or regulations.
6. Landlord access: The agreement should state the landlord’s right to access the property for inspections and repairs, and the notice required for such access.
7. Termination: The agreement should state the conditions under which the tenancy can be terminated by either party, including any notice required.
8. Subletting: If subletting is not allowed, this should be stated in the agreement. If it is allowed, the terms and conditions should be clearly outlined.
9. Insurance: The agreement should state who is responsible for insuring the property and its contents during the tenancy.
10. Governing law: Finally, the agreement should state the governing law that applies to the tenancy.
In summary, a tenancy agreement for short term let properties is essential to protect the interests of both the landlord and tenant. It should clearly state the duration of the tenancy, rent payments, security deposit, maintenance and repairs, tenant obligations, landlord access, termination conditions, subletting terms, insurance responsibilities, and governing law. By having a clear and comprehensive agreement in place, both parties can have peace of mind and avoid any unnecessary disputes.