Residential Tenancy Agreement: what do you need to know?

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The tenant and the owner need to understand the contents of this agreement in detail so that their respective rights can be enforced in case of misunderstanding.

Usually it is provided by the owner. It may also be through a third party ie a lawyer or a real estate agent but an agreement must be reached by the tenant and the owner before the signature.

The time frame for this agreement is dependent on the consent of both parties, whether it is a year or five.

This agreement needs to state the monthly rental payable by the tenant. In addition, the deposit for rent of the house also (usually, rental of rent for the month and utilities) will be stated to guard the owner's right if the tenant "fled" or damage property within the house.

Set a specific date (eg 1 day of month each month) for rental payments to make it easier for hosts to monitor payments. Accounts for payment must also be stated in the Rental Agreement for reference and facilitate both parties.

List the inventory of items made in the house such as fans, lamps, sofas, fridges, beds and television will also be attached together with the Tenancy Agreement as checklist for both parties. In the event of damage to the goods, the owner reserves the right to seek damages.

The repairs for damage to the home should be clearly stated in the Tenancy Agreement. Typically small damage will be paid in advance by the tenant then informed to the host for reductions in rental payments during the month. For large damage, the host should take action as soon as possible for the convenience of the tenant.

After this agreement is signed by both parties, stamping must be made in the Revenue Department so that this document is legally valid. Otherwise, any problems that are happening can not be resolved in court and consequently can cause injustice to the tenant or the host. Stamp fees are usually charged to tenants.

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