Tenancy Agreements - purerealestategroup

Tenancy Agreements

A tenancy agreement (Form 18a) is a legally binding, written agreement between a tenant and an Agency/Owner.

There are different periods of tenancy agreements including fixed term or periodic which are outlined below.

Fixed Term Lease

A fixed term agreement is where the tenant agrees to rent the property for a fixed amount of time and for a fixed amount of rent.  A fixed term agreement has a start date and an end date.

With this type of lease, the tenant cannot leave during the term and cannot issue a Notice to Leave. If circumstances arise where the tenant has to leave, it would be considered as a break lease and penalties will apply.

Periodic Lease

A periodic lease is when the tenant rents the property for an indefinite period – there will be a start date but no end date. At any time, our Agency can give the tenants 2 months notice to leave and the tenants can give our Agency 2 weeks notice to leave.

This option is good if you are looking to sell the property. This type of lease is often implemented when the owner or the tenants are unsure of their plans.

Owners please note, your insurance will only cover a limited amount of rent if the tenant does vacate so you would need to check your insurance if you are going to agree to a periodic lease agreement for your property.

There is more detailed information on the RTA website regarding the types of tenancy agreements available.