You may find yourself in a tenancy situation in your business. There are different types of tenancies that exist, so understanding these different types is imperative. If you already know you need a tenancy at will, but are unsure why you are also in the right place. A tenancy at will is going to differ from any other tenancy option. The typical tenancy agreement is set up for a certain time period in which the tenant occupies the landlord’s property. The rent is also set for a certain time period. In the Tenancy at will the term length will differ.
With a tenancy at will the landlord and tenant make an agreement in which the tenant can remain on the property until one wishes to break the contract or rent goes unpaid by the tenant. In this agreement, the amount of time spent at a rental property is going to be undetermined. A new agreement does not have to be signed every year. For landlords, it can be a nice agreement since they will have a tenant for as long as either party wishes. It eliminates having to find a replacement tenant. The tenant has the best advantage because they can remain indefinitely and do not have to lose their deposit for breaking the contract if they want to leave. In other words, in most tenancy agreements you are set to a specific time frame. In a tenancy at will if you find after a month you want to leave as the tenant no breach of contract can ensue.
The landlord does need to specify in the tenancy at will agreement how long a tenant can remain if they fail to pay rent. For example in a tenancy agreement, there is a certain eviction process that must be followed. In the tenancy at will, the landlord can state if the tenant has not paid rent for two months they must vacate the premises. It can make the eviction process a lot easier. The landlord must also offer 30 days notice if they wish to quit the tenancy at will. The tenant is not held to this thirty-day notice to quit, but it is a nicety to offer a landlord. It gives the landlord time to find another tenant.
If the landlord needs to sell the property they must give the notice to quit to end the tenancy. The tenant would either have to find an alternative place to live or seek the new owners out. The new owners may wish to continue the tenancy at will or require a different sort of tenancy. However, the new owners would have to create a new document once they buy the place. The old agreement will become null and void during the sale.
For the tenancy at will agreement to be considered a legal document, both parties must sign it. A failure to sign the document will create it null and void, and it can raise legal issues for the tenant or landlord if the tenant is allowed to move into the property. After the agreement is fully signed it is a legally binding agreement. At our store, you will find the tenancy at will document template. The document can be downloaded for a small fee and reused as needed. You can also make changes to the document.
There are times you might need to change what this general document template says. Our documents are all DIY making it easy for them to fit your needs. A solicitor created the documents to ensure they are legal. If you do need to make several changes you may wish to speak with a solicitor first, but in general, you should not need to.