Owners of rental properties must be aware of the legal aspects and go through all the formalities and documentation to put a legal stamp on the transaction by executing a rental agreement.
Those who rent apartment Edmonton are aware of the process and are ready to abide by it because the agreement is beneficial to both landlords and tenants.
Perhaps, the rental agreement is more important for landlords as it helps to ensure that they can have the necessary legal safeguards when letting out the property to some stranger.
But, on the other hand, since rental property owners want to ensure proper upkeep of the property by the tenant and its safe use, the agreement helps set the right expectations for both parties as they know the boundaries and conditions that govern the terms of living on the property on rent.
Landlords or property owners must understand the different types of tenancies to include the legal safeguards in the rental agreement to avoid unauthorized access to the property.
In addition, understanding the different types of tenancies helps landlords have control over the various rights that tenants can enjoy depending on the type of tenancy.
The Periodic Tenancy
The Periodic tenancy underlines the right of possession and control. Renting out a property by following the stipulations of the Periodic Tenancy would mean that the landlord confers the tenant the exclusive right to use the specified part of the property covered by the rental agreement for which the tenant is paying the rent.
If the tenant violates the conditions of the agreement, the landlord would have the rights under the provision of law.
Well, this becomes too much obvious even without any legal knowledge. However, problems can arise if the tenant keeps occupying the property despite the expiration of the agreement or some stranger takes possession of the property. There are legal remedies available according to state laws.
Read Also:
- Why Should you Find a Property Management Company in Chicago to Help you Find a Good Tenant?
- 8 Reasons Why landlords Prefer to Hire Property Management Company
- 5 Things to Bear in Mind When Becoming a Landlord
- What You Need to Know about Rental Agreements
- Endsleigh’s Landlord Insurance and Information
Tenancy at Will
The legal explanation of Tenancy at will is that the tenant or landlord is willing to hold on to the property.
Usually, these tenancies arise by implication, like someone occupying a rental unit for an indefinite period with the landlord’s permission and without paying any rent.
Another example of tenancy at will is when a squatter occupies the property and refuses to leave.
Such tenancy can happen when the landlord is sympathetic to someone and gives some indication that the tenant could stay for a brief while, just one night.
Still, the person continues to enjoy the privilege, which can pose complications for the landlord.
Tenancy at Sufferance
This type of tenancy results when a tenant wrongfully continues to occupy the property after the expiration of the rental agreement.
It can also happen when the tenant overstays after giving a 30-days notice for vacating the property.
If the landlord accepts rent from the tenant, the tenancy at sufferance automatically gets converted into a periodic tenancy as it was in the beginning.
Having a written rental agreement protects landlords from the problems arising from mischievous tenants.
