You should understand the significance of a Tenancy Agreement in Nigeria, how it safeguards both landlords and tenants and discover where to obtain a comprehensive and legally sound agreement.
In Nigeria, a Tenancy Agreement is a crucial contract that outlines the rights and responsibilities of both landlords and tenants when leasing a property. While not mandatory, having a well-drafted agreement provides additional protection and clarity for both parties. Whether you’re a landlord preparing to rent out your property or a tenant looking to rent, insisting on a Tenancy Agreement is advisable.
Creation of the Tenancy Agreement:
Typically, the landlord or their lawyer creates the Tenancy Agreement in Nigeria. Landlords, being property owners, set the terms for renting their property.
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Tenant’s Rights:
As a legally binding contract, the Tenant has the right to review the terms of the Tenancy Agreement to ensure their interests are protected. While most agreements are straightforward, consulting a lawyer to review the terms is advisable to understand their implications on current and future rights.
Essential Components of a Tenancy Agreement:
Whether you’re a landlord or tenant, a well-drafted Tenancy Agreement should, at a minimum, include:
- Names and addresses of the landlord and tenant.
- Property address.
- Start and end dates of the tenancy.
- Rent amount and breakdown of other applicable fees.
- Obligations of both parties.
- Outline of bills the tenant is responsible for.
This list is not exhaustive, and a comprehensive agreement may include additional terms. Before entering into a tenancy relationship, both parties should sign a well-drafted Tenancy Agreement as the cornerstone document.
Where to Obtain a Tenancy Agreement:
Landlords and agents can create their own Tenancy Agreements through a competent lawyer. This information serves as a general guide and not legal advice. It is crucial to consult with a qualified lawyer for specific legal guidance tailored to individual circumstances.