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. The parties choose the above addresses as their physical addresses for the purpose of providing a notification, payment of any amount and legal action in connection with this property lease. Each party can change the information about its physical addresses at any time, by written notification to the other party. This amendment will come into effect on the 7th day after the other party receives the notification. Any notification that the landlord must send to the tenant is considered valid if it is sent by prepaid recommended letter to the tenant in the property or left by the landlord or his representative at that address, which is considered to be 5 days after the publication by recommended letter or on the day of sending the notification by telephone. A residential rental agreement is used when a landlord wishes to rent or lease a property to a tenant for residential and possibly residential purposes. For example, this form would be used to rent an apartment or basement suite. “A tenant includes a subtenant or a person who is legally in possession or occupancy of premises, whether through the payment of rent or not.” It should be noted that one of the most important things about a tenancy agreement is that it usually follows with a fixed time, thus avoiding the need to reinstate the termination to a tenant. Under the lagos lease fee, if the time or duration of a lease has been indicated in an agreement, this rent is determined only by an exit from time, and the lessor automatically has the right to cancel a seven-day delay from the landlords who intend to recover the premises from the tenant, after an action to recover the premises where the tenant can no longer evacuate after the 7 days. Renting real estate benefits landlords and tenants in a variety of ways. The agreement generally contains the conditions for access and regulation of these characteristics.
These can only be general rules on use or certain conditions. At a minimum, the agreement should indicate the parties, the duration of the tenancy, the real estate and the amount of the rent. The landlord is designated as the landlord and the tenant as the tenant. “Any landlord who does not issue a rent receipt to his tenant, as prescribed in this section, is liable in the event of a fine of one hundred thousand nairas (N100,000.00)” Other applicable laws are: Registered Basic Law, Land Law, Capital Income Tax Act and rental rights of various states in Nigeria apply to this agreement. A rental agreement is a relationship between a person and his owner.