What is Tenancy Agreement?
Tenancy agreement is agreement used between the landlord and tenant. Landlord can be anyone who has immovable property to put on rent. Tenancy agreement is also known as Leave and Licence Agreement/deed and depending on duration of this agreement, it can also be termed as Lease agreement.
This gives certain rights to both landlord and tenant with respect to immovable property under subject, like right to accommodation for tenant, use of land as per agreement, collection of rent by landlord, etc.
Why it is important to give closure to any contract or agreement or deed of tenancy?
This a very striking question and left unanswered by many. Many people do not consider this as an important aspect of this contract and just on oral basis close this contract or agreement at the time of termination.
However, there has been vital losses bore by some people due to this mistake, as after the termination and within the limitation period of this contract, anyone can claim any right left behind. For e.g., there was a shop given on rent to tenant, tenant left the old and not in use bike in the shop. He closed the shop and verbally informed the landlord that he has shifted to his native place and will not be using the shop any longer, he didn’t even pay the rent for 3 months. It was considered by the landlord that this person has terminated the contract and hence, he can empty the shop and give this shop on rent to other tenant. While checking landlord found the bike in bad condition, tried contacting the person but he wasn’t reachable, then gave this under scraps. Suddenly, this shop tenant turned up from nowhere and started claiming for this bike. Ultimately, he sued the owner for selling his bike without his permission.
Yes, this is a true event, and hence, its extremely important to sign-off the contract as terminated with effective dates to secure your own interest.
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