As a landlord, it is imperative that you protect your rights and interests when renting out your property. While a tenancy agreement may seem like the only means to do so, there are circumstances where you may not have a tenancy agreement in place. Here, we take a closer look at landlords` rights without a tenancy agreement.
Firstly, it is important to note that if you do not have a tenancy agreement in place, you may still have a verbal contract or agreement in place. This is known as a periodic tenancy, where the agreement is renewed on a rolling basis, typically monthly or yearly. However, it is highly recommended that you have a written tenancy agreement in place to avoid misunderstandings and potential disputes with your tenant.
If you do not have a tenancy agreement in place, you still have several rights as a landlord. You have the right to collect rent from your tenant, even if there is no formal agreement in place. As a landlord, you also have the right to evict your tenant if they fail to pay rent, damage your property, or breach their tenancy agreement in any other way.
Another important right that landlords have without a tenancy agreement is the right to set the terms of the tenancy. This includes determining the rent amount, the duration of the tenancy, and any other terms that you deem necessary. However, it is important to ensure that these terms are fair and reasonable, and not discriminatory in any way.
Despite these rights, it is important to note that without a tenancy agreement, it can be difficult to prove any disputes or breaches of the agreement in court. Therefore, it is crucial that landlords ensure they have a written agreement in place to protect their interests.
In conclusion, while it is possible for landlords to have rights without a tenancy agreement, it is always recommended to have a written agreement in place to protect both parties` interests. As a landlord, it is important to understand your rights and responsibilities and ensure that you are taking all necessary steps to protect your property and finances.