A rental agreement is widely used by owners who wish to sell their property for up to 3 years. The lease defines the terms agreed by both parties under a lease agreement. Rules that can contain ideas when the lease can be terminated prematurely and under what conditions. It also includes the period for a tenant, so he/she could leave the property. At the same time, it protects the tenant by indicating the exact time the landlord notices before the evacuation procedure. In addition, in the case of a tenancy agreement, certain rights and rights apply individually to both parties, these rights are as follows: Thus, a tenancy agreement sets rules such as the amount of rent and the tenant must pay them. If a tenant breaks these rules and the landlord has reason to be physical, the landlord may have the right to dislodge the tenant. Use the Model for LawDepot`s Housing Leases to create a custom contract. Enter your information into the questionnaire, download, print, sign and execute your legally binding rental agreement. A rental agreement is a relationship between a person and his owner. A lease gives rights to both parties. The dominant factor of a lease is that it is safe for a term, which is usually between one to three years with the possibility of renewing itself. Any three-year lease is considered a lease agreement and not a lease.
However, it is important to note that under Lagos State Tenancy Law 2011, a landlord cannot accept rent beyond a one-year period, except for designated areas such as Ikoyi, Victoria Island, Apapa and Ikeja GRA. Lagos State Tenancy Law 2011 is the lagos state lease framework law. This document is used by a landlord and tenant for rental purposes only for residential purposes. It is only used if the term of the lease is less than 3 years. A rental agreement in Nigeria or a simple tenancy agreement is a so-called written contract between a tenant and the owner of a property. The owner of the property expresses the wish to give his property for temporary detention. The parties choose the above addresses as their physical addresses for the purpose of providing a notification, payment of any amount and legal action in connection with this property lease. Each party can change the information about its physical addresses at any time, by written notification to the other party. This amendment will come into effect on the 7th day after the other party receives the notification. Any notification that the landlord must send to the tenant is considered valid if it is sent by prepaid recommended letter to the tenant in the property or left by the landlord or his representative at that address, which is considered to be 5 days after the publication by recommended letter or on the day of sending the notification by telephone.