Tenancy Agreement Secrets & 8 Key Elements of Lagos Tenancy Law
The tenancy population in Nigeria is huge. Over 90% of the Nigerian populace lives in a rented apartment.
With these statistics, a tenancy agreement is a major document used in the real estate industry in Nigeria.
Before we go further with the things you need to look out for before signing this document, lets shed a little light on tenancy agreement itself.
What is a tenancy agreement?
According to https://www.rockend.com/blog/what-is-a-tenancy-agreement, is a contract between a property manager and a renter. It gives both parties mutual agreement over the property involved.
Now you know. So due to this, it is important the tenants read what is written in the tenancy law in their respective locations before they sign it. For Lagos, you must read and follow the tenancy law as it is obtainable in Lagos.
Listed Below Are 8 Key Elements of Lagos Tenancy Law
- The law shall apply to all residents in Lagos including businesses, residents as it applies.
- Shall not apply
– educational institutions, its staff and students
– medical or emergency purposes
- Jurisdiction of the court
- It is unlawful to pay/collect rent in excess of three months. Yes, 3 MONTHS.
- Landlords are expected to give tenants receipts that include Date, Name, Location, Amount, Period.
- Rights and regulations between tenants and landlords are very important.
One major one is the right for both landlords and tenants to give property peace.
- Obligation Of Tenants/Landlord
For tenants, they are expected to
– pay all rents,
– rates and charges,
– keep the property in good working condition,
– avoid subletting the property and notify the landlord in case of changes to the property.
For the landlord, they are expected to
– not disturb the tenant
– keep property insured
– not to unlawfully terminate or restrict the property
– effect repairs as needed
– not to seize anything wrongly
– not to take action that will affect the customers of your tenants business
- Length of notice
This part of the tenancy agreement is very important.
Tenants must be notified
– 1 month before termination (monthly tenant)
– 3 months before termination (3 months tenant)
– 3 months before termination (6 months tenant)
– 6 months before termination (1-year tenant)
To read more about the law, please visit this link