A tenancy agreement can also be referred to as a lease. A tenancy agreement is normally in writing and spans a few pages, the first few pages outline the standard clauses, you should also include any special clauses you wish to add, along with owners corporation rules. The schedule page will outline the following:
- Rental and bond amounts
- Commencement and termination dates
There are two types of tenancy agreement:
- A fixed-term tenancy, which is an agreement for a set period of time as defined on the lease
The terms, rent, bond and duration are set in the fixed term tenancy. This can be broken by the tenant but with costs associated
- A periodic lease/agreement which has no end date.
A periodic lease normally starts from the end of the fixed term tenancy. A tenant can give 28 days notice to vacate at any time from the end of the lease. A landlord can increase the rent or give notice at any time during a periodic lease.