A rental agreement also specifies who is responsible for certain damages and repairs. If a tenant causes damage that goes beyond normal wear and tear, the landlord can use the deposit to cover the costs. In addition, the owner should ensure that his leased property remains in an acceptable state of life. In the case of a periodic lease, the term is valid for a known period, i.e. one week, one month, three months, six months or one year. The tenancy agreement is automatically extended after the agreed period has expired until the landlord or tenant expresses a desire to terminate the lease. As a result, both parties to a periodic lease do not know when the lease ends with the contract agreement. Since both parties do not know when the lease expires, the law requires that the party that wants to terminate the agreement on the other party be terminated. For a weekly rental contract, a weekly period is required; for a monthly lease – a one-month delay; Quarterly rent (three months) – three months` notice a 6-month lease or an annual lease – 6 months notice. All notices must expire on the eve of the anniversary of the lease. 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. This form is also known as: rental contract, rental agreement, free rental, rental, lease, lease, lease, lease, lease, lease, lessor A fixed-term lease ends on a specific date and does not often require notice.
A periodic lease, also known as automatic renewal, does not have a fixed deadline. In this case, the lease is renewed each year or month until one of the parties terminates the lease. 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. The concept of lease is a widespread concept in Nigeria, it is reported that 85 percent of the Nigerian urban population lived in rental housing in 2010, a large percent of their income on rent.