Elements Of A Shared Version Tenancy
Tenants usually share the same responsibilities and rights under a joint tenancy contract. Joint tenancy contracts can however complicate matters for you and your roommates if you settle for it without understanding what it means. Joint tenancy also known as shared version tenancy has special characteristics that distinguish it from other forms of tenancy agreements.
Under the joint tenancy program, all parties to the contract are jointly and individually responsible for rent and any damage caused to the building. They are also responsible for any accrued amount of rent whether personally liable or not. Therefore, if any one tenant fails to pay his rent for whatever reason, the landlord can decide to pursue only one tenant and make him pay the full amount of the claim.
Just like separate tenancy contract, your landlord will require that you pay him through his agents or him personally at least a one month deposit. This is to be used to cover any part of rent that may be left unpaid or damages any of you may cause to the building in the cause of its usage. This acts as a surety to the landlord just like single tenancy and other types of tenancy agreements.
You and your roommates will only submit a single deposit to your landlord. The landlord will deduct any of his claim arising from either damages or unpaid rent from this single deposit. Therefore, if any of you fails to honor his part of the agreement as far as rent is concerned or cause damage to the building, the landlord will deduct the cost from the single deposit and give back the remaining to you and your roommates for sharing.
Note that you can arrange with your landlord to renew your tenancy contract if one of you decides to leave and demands his part of the deposit. This will help you in ensuring that the other tenant bear any responsibility he may have at the time he decides to move out of the agreement. A new tenant can also be made to pay his part of the deposit under the new contract.
It is interesting to note that you cannot alter even a single term in the tenancy agreement or improve in any way the building without the other tenants giving their approvals. It is even more difficult to bring in another person or assign your part of the tenancy to someone else without securing the consent of other tenants.
It is only in fixed term tenancy agreement that you can terminate a tenancy contract without the consent of other partners but also only upon the end of the tenancy period. Usually no one tenant can terminate the tenancy agreement without the consent of all other tenants. In addition, you must inform your landlord of your intention to terminate the contract in advance.
The landlord has no right to terminate the tenancy contract of any one tenant and leave the rest. If he has to evict any of you, then he will have to evict all of you and then enter into a new agreement of tenancy with the remaining tenants. Eviction of any tenants in joint tenancy will mean the end of the contract under common law.
Under the joint tenancy program, all parties to the contract are jointly and individually responsible for rent and any damage caused to the building. They are also responsible for any accrued amount of rent whether personally liable or not. Therefore, if any one tenant fails to pay his rent for whatever reason, the landlord can decide to pursue only one tenant and make him pay the full amount of the claim.
Just like separate tenancy contract, your landlord will require that you pay him through his agents or him personally at least a one month deposit. This is to be used to cover any part of rent that may be left unpaid or damages any of you may cause to the building in the cause of its usage. This acts as a surety to the landlord just like single tenancy and other types of tenancy agreements.
You and your roommates will only submit a single deposit to your landlord. The landlord will deduct any of his claim arising from either damages or unpaid rent from this single deposit. Therefore, if any of you fails to honor his part of the agreement as far as rent is concerned or cause damage to the building, the landlord will deduct the cost from the single deposit and give back the remaining to you and your roommates for sharing.
Note that you can arrange with your landlord to renew your tenancy contract if one of you decides to leave and demands his part of the deposit. This will help you in ensuring that the other tenant bear any responsibility he may have at the time he decides to move out of the agreement. A new tenant can also be made to pay his part of the deposit under the new contract.
It is interesting to note that you cannot alter even a single term in the tenancy agreement or improve in any way the building without the other tenants giving their approvals. It is even more difficult to bring in another person or assign your part of the tenancy to someone else without securing the consent of other tenants.
It is only in fixed term tenancy agreement that you can terminate a tenancy contract without the consent of other partners but also only upon the end of the tenancy period. Usually no one tenant can terminate the tenancy agreement without the consent of all other tenants. In addition, you must inform your landlord of your intention to terminate the contract in advance.
The landlord has no right to terminate the tenancy contract of any one tenant and leave the rest. If he has to evict any of you, then he will have to evict all of you and then enter into a new agreement of tenancy with the remaining tenants. Eviction of any tenants in joint tenancy will mean the end of the contract under common law.
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New Unique Article!
Title: Elements Of A Shared Version Tenancy
Author: Alex D White
Email: barunbgh150@gmail.com
Keywords: shared version tenancy,tenancy program,managing apartment buildings
Word Count: 538
Category: Home & Family
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