Common Law Agreement Tenancy: Understanding the Basics
A common law agreement tenancy is a type of tenancy agreement that governs the terms of a rental contract between a landlord and a tenant. This type of agreement, also known as a non-standard tenancy agreement, is generally used when the landlord and tenant have agreed on specific terms that differ from the standard terms set out in the Residential Tenancies Act.
In this article, we will discuss the basics of a common law agreement tenancy, including its key features, advantages, and disadvantages.
Key Features of a Common Law Agreement Tenancy
A common law agreement tenancy has several key features that differentiate it from a standard tenancy agreement. Here are some of the most important ones:
1. Flexibility: A common law agreement tenancy allows landlords and tenants to negotiate specific terms that suit their needs. This can include rent, security deposits, duration of the lease, and other factors.
2. Non-Standard Terms: A common law agreement tenancy does not have the same standard terms as a standard tenancy agreement. Instead, it allows for unique provisions that may differ from the norm.
3. Implied Terms: While a common law agreement tenancy allows for flexibility, there are still certain terms that are implied and must be followed. For example, landlords are legally required to provide a habitable living space and tenants are required to pay rent on time.
Advantages of a Common Law Agreement Tenancy
There are several advantages to using a common law agreement tenancy. These include:
1. Flexibility: As mentioned, a common law agreement tenancy allows for unique provisions that can be tailored to meet the needs of both the landlord and tenant.
2. Customization: This type of agreement allows for customization that is not possible with a standard tenancy agreement. It can include specific clauses that address unique issues and concerns.
3. Legal Protection: A common law agreement tenancy can provide legal protection for both the landlord and tenant.
Disadvantages of a Common Law Agreement Tenancy
Despite the benefits of a common law agreement tenancy, there are also some disadvantages to keep in mind. These include:
1. Uncertainty: Since a common law agreement tenancy is not regulated by the Residential Tenancies Act, there can be some uncertainty around how the agreement will be enforced.
2. Risk: If the terms of the agreement are not clearly defined, there is a risk of disputes arising between the landlord and tenant.
3. Lack of Standardization: Since there is no standard template for a common law agreement tenancy, it can be more difficult to ensure that all necessary provisions are included.
Conclusion
A common law agreement tenancy can be a useful tool for landlords and tenants looking for flexibility in their lease agreement. However, it`s important to weigh the advantages and disadvantages of this type of agreement before entering into it. If you have any questions about common law agreement tenancies or would like help drafting one, consult with an experienced lawyer or legal professional.