Although rewarding, renting out property in Nigeria can quickly turn into a legal nightmare in the absence of a proper tenancy agreement. Many landlords depend on oral agreements or generic templates downloaded from the Internet, only to face disputes, unpaid rent, or refusal of the tenants to vacate the property.
A tenancy agreement is more than just a piece of paper; it is your legal shield as a landlord. It protects your investment, outlines your rights, and makes sure that both you and your tenant understand your obligations from day one.
What is a Tenancy Agreement?
A tenancy agreement is a legally binding contract between the landlord and the tenant. It outlines the terms on which the tenant occupies the property, including rent amount, duration, when it is due, who is obligated to perform maintenance, and how renewal or termination will be carried out.
This, when well-drafted, helps in averting most misunderstandings and gives a proper base for resolving issues in case they arise.
Why Landlords Need a Properly Drafted Agreement
1. To protect against defaulting tenants
Without a written agreement, it’s difficult to enforce the terms of payment. A properly drafted tenancy agreement provides you with legal standing to recover unpaid rent or evict a tenant who defaults.
2. To Clearly Define Maintenance Responsibilities
Many disputes arise over who should fix damages or pay to have something repaired. A well-prepared agreement makes it very clear who is responsible for maintenance, allowing both parties peace of mind.
3. To control how your property is used.
Your property should serve the purpose it is intended for-residential, commercial, or otherwise. A lawyer-drafted tenancy agreement outlines the permitted use, thereby preventing unauthorized subletting or misuse.
4. To Avoid Costly Legal Disputes
Most of the landlord-tenant cases in court arise due to ill-defined and poorly written agreements. By engaging a lawyer, you will ensure that your agreement follows the Tenancy Law, Recovery of Premises Act, and relevant state regulations.
5. To Establish Legal Proof of Terms Agreed
Oral agreements are not easy to prove in court. A written tenancy agreement with the signatures of both parties will be a valid legal proof when there is a dispute.
A property lawyer can ensure that your tenancy agreement:
MEETS THE REQUIREMENTS OF NIGERIAN TENANCY AND PROPERTY LAWS
• Agreement would include binding clauses relating to payment of rent, termination, and eviction.
• Protects your property from problem tenants
• Saves you time by handling the documentation and tenant communication professionally Conclusion Every landlord in Nigeria must have a proper tenancy agreement, drafted by a lawyer, be it one flat or several properties. It is not all about paperwork; this is about protecting your investment, maintaining control, and avoiding unnecessary legal battles.
If you’re a Landlord and you want to secure your property with a strong,enforceable tenancy agreement,contact Olamide Oyetayo & Co. Our property law experts will help you draft, review and manage your tenancy agreements while ensuring your legal interests are fully protected.