Tenancy agreements
The written lease agreement sets out the terms and conditions of the lease.
The owner and the tenants agree on matters such as the amount of rent per week, when the rent will be paid, the method of paying the rent, the number of people who can live in the premises, whether pets can live at the premises, the length of the lease and payment of electricity and water consumption.
The length of the tenancy is considered during the negotiation of the lease agreement.
A fixed term lease guarantees a specific period of time for the tenant to reside in the premises and has a specified end date. During this period the owner does not have any right to terminate the tenancy unless a breach of the terms and conditions of the lease occurs.
The other type of lease is a periodic tenancy. This tenancy has no defined end date. The tenancy can come to an end through either the tenant providing 21 days written notice or through the owner providing 60 days written notice.