In a joint tenancy, you and your roommates or housemates all sign a single contract of tenancy. This will mean you and your roommates will have equal rights and responsibilities under the tenancy agreement. Shared version tenancy can at times present challenges especially if you do not understand what it entails to be in a joint tenancy program. It is therefore important you take time to understand certain key elements of a joint tenancy.
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.
The landlord will require you to pay at least one month deposit before you sign the joint tenancy agreement. This is to cover any part of unpaid rent or damages that any of you may cause to the building. You will likely be required to make this payment directly to the landlord or his agents.
The tenants cannot present separate deposits. The deposit must be a single one so that your landlord can offset any liability arising out of the agreement regardless of who is directly responsible. Once the landlord has made the necessary deductions from the single deposit, then the remaining amount is refunded to the tenants to divide among themselves.
It is possible to ask for a new tenancy agreement if you are replacing a tenant or one tenant decides to move out. This is beneficial in that you ensure that if that moving tenant asks for his share of the deposit, you can offset it against his unpaid bills or damages. It also helps to makes sure the new tenant bears his part of the deposit.
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.
You cannot end the tenancy contract without the other tenants agreeing to it unless it was a fixed tenancy contract and the period of the tenancy has expired. Ending joint tenancies can be complicated and requires mutual agreement. Your landlord too must receive an early notice signed by all tenants regarding your decision to terminate the contract.
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.
The landlord will require you to pay at least one month deposit before you sign the joint tenancy agreement. This is to cover any part of unpaid rent or damages that any of you may cause to the building. You will likely be required to make this payment directly to the landlord or his agents.
The tenants cannot present separate deposits. The deposit must be a single one so that your landlord can offset any liability arising out of the agreement regardless of who is directly responsible. Once the landlord has made the necessary deductions from the single deposit, then the remaining amount is refunded to the tenants to divide among themselves.
It is possible to ask for a new tenancy agreement if you are replacing a tenant or one tenant decides to move out. This is beneficial in that you ensure that if that moving tenant asks for his share of the deposit, you can offset it against his unpaid bills or damages. It also helps to makes sure the new tenant bears his part of the deposit.
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.
You cannot end the tenancy contract without the other tenants agreeing to it unless it was a fixed tenancy contract and the period of the tenancy has expired. Ending joint tenancies can be complicated and requires mutual agreement. Your landlord too must receive an early notice signed by all tenants regarding your decision to terminate the contract.
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.
No comments:
Post a Comment