Another reason why an oral lease is not recommended is that it does not give parties the opportunity to fully verify the conditions they wish to guide their relationship, or to keep track of them. A carefully considered written agreement will answer, among other things, the following questions: When will the tenant have to pay rent? What is the consequence of non-payment of rent on the required day? Which of the parties is required to pay local authority rents? What are the owner`s obligations? What are the tenant`s obligations? Should the tenant be expected to demonstrate a standard of behaviour? Who pays for property insurance? Given that oral contracts are generally entered into by parties who do not wish to involve counsel in the proceedings, it is unlikely that the parties will contemplate any of these situations and thus create a margin of misunderstanding, since no clear expectation or obligation is set out. Where there are no carefully thought-out alliances between the parties, the appearance of one of the above situations will undoubtedly put the parties in a state of confusion and create a burden in an otherwise cordial landlord-tenant relationship. The reason for this communication is that it allows the other party to prepare for the end of the lease. If the landlord tries to terminate the lease, the notice period gives the tenant time to look for new accommodation. If the tenant attempts to terminate the lease, the notice period gives the landlord time to look for new tenants. As a result, the contract is only validly terminated when the required notice period is notified. If the obligation to terminate is met, the landlord is entitled to the property after the expiry of the tenancy period and must give a 7-day period on the owner`s intention to recover the property if the tenant remains in possession. Nevertheless, some agreements require special attention. The more an individual can benefit from or lose an agreement, the more attention such an agreement deserves. For example, a simple online purchase transaction cannot receive the same attention as a mortgage contract, employment contract or lease. This is because these latest agreements generally impose more privileges or debts on individuals than the former.
Given the importance of these latest agreements, it is imperative that each person related to them understand the terms mentioned in them. 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. A tenancy agreement refers only to an agreement between the owner of a building (landlord) anyone who tries to occupy the building for a certain time (tenant), excluding the landlord, usually called for rent. 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.