What Is Meant By ‘Tenancy’?
A tenancy can be defined as the exclusive right to live in a house for a specified period of time and may be granted to a family member or friend. The person who holds the tenancy should be required to pay the rent for the property. If the person does not pay the rent, the landlord may terminate the arrangement without cause. A tenancy is a good way to make money off the property. A tenancy can also be used as a legal tool to protect your property.
Agreement
Tenancies are created between two people who have agreed to rent a piece of property for a certain period of time. Usually, this period is for a set period of time. However, there are certain types of tenancies, such as one where the tenant holds the property at will and another where the landlord owns it in fee. A tenancy agreement outlines who is entitled to the property and how the tenant can use it.
Joint Tenancy
In some cases, joint tenancy is the default property ownership option for married couples. This makes homeownership more affordable and accessible. Joint tenancy makes it easier to split a down payment and gives the co-tenants an advantage when applying for a mortgage. Additionally, joint tenancy also encourages co-tenants to share the costs of maintaining the property and improving it. It also encourages co-owners to protect their investment in the property.
Responsibilities
Both the tenant and landlord have legal rights and responsibilities which must be adhered to. There is usually a contract made and signed when the agreement is in negotiation. It is important that both parties know their own rights, as well as what they are responsible for. If both parties are clear on their role, this makes for a smooth-sailing, and professional agreement.