The lease is signed by both parties. The tenant has the right to obtain a copy of the document. There are also parts of the agreement that you need to pay special attention to. A rental agreement is widely used by owners who wish to sell their property for up to 3 years. The lease defines the terms agreed by both parties under a lease agreement. Lagos State Tenancy Law 2011 is the lagos state lease framework law. Other applicable laws include Registered Land Law, Land Registration Law, Capital Gains Tax Act and rental law in different states in Nigeria. 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.
Section 13 of the Lagos State rental right sets the duration of the termination in the absence of an agreement between the landlord and the tenant; One month for a monthly lease; 3 months notice for a semi-annual lease and 6 months notice for an annual lease. A periodic lease, also known as automatic renewal, does not have a fixed deadline. In this case, the lease is renewed each year or month until one of the parties terminates the lease. After filling out the form, the tenant must go through the agreement and sign two copies of the document. Subsequently, the landlord should also sign both copies and deliver a copy to the tenant. After payment of the rent, the landlord must issue the tenant a proof of rent (depending on the measure of the rent payment). 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.