The lease (also known as a Tenancy Agreement) is a legal contract between the tennant and landlord agent. This covers the amount of rent to be paid, the method of payment, term of the agreement, security bond amount and other conditions and rules.
There are two types of tenancy agreements:
- A Fixed Term agreement is for a set period of time. Even though the agreement will have an end date, it is still necessary for the tenant to give notice in writing, or in the case of the landlord, to give a â€˜Notice to Vacate to Tenant/s of Rented Premisesâ€™ when a tenant is required to leave at the end of the agreement
- A Periodic Term agreement is set from week-to-week, or month-to-month. In the case of neither the tenant nor landlord giving notice to end the fixed term
agreement, the agreement automatically becomes a periodic tenancy agreement