Long-term as opposed to short -term tenancy agreements are designed for tenants who plan on remaining in a rental property for a year or more. These agreements state the terms of tenancy, rental amount, and rights and responsibilities of the landlord and the tenant .
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Rules and regulations about pets, subletting, rental late fees, security deposits, and other provisions must be clearly stated in the long -term tenancy agreement. Landlords cannot change or amend these provisions or raise the monthly rent during the tenancy without providing written notice to the tenant.
If the tenant breaks the long-term tenancy agreement, the landlord has the right to retain the security deposit and receive payment of a flat fee or the remaining rental amount due, or in some cases, both. The exact terms must be stipulated in the tenancy agreement. Tenants have the right to privacy and the right to occupy the property for the specified time period.
Once the tenancy agreement or lease expires, it is automatically extended to a short-term or month-to-month tenancy in most cases. The landlord and tenant can then decide whether to sign a new tenancy agreement.
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