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16/04/2015

The Block goes under the hammer

28/04/2015

fixed term and periodic leases

23/04/2015
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There are two types of tenancy agreements which can be entered into.

A ‘fixed term’ agreement is where the tenant and landlord are locked into the lease for a set period of time, i.e. 6 or 12 months.  Once this period expires, if the tenant wishes to stay in the property they may enter in to what is known as  a ‘periodic’ agreement, which runs week to week, unless a new ‘fixed term’ agreement is signed.

To end a ‘fixed term’ agreement:

  • the tenant is required to give a minimum of 14 days written notice
  • the landlord is required to give 30 days minimum written notice prior to the lease end date
  • may also be ended if a party has breached the agreement

To end a ‘periodic’ agreement:

  • the tenant is required to give a minimum of 21 days written notice
  • the landlord is required to give 90 days minimum notice

However, should the property be listed for sale without a sales clause in the lease agreement:

  • the tenant can terminate the lease at any stage giving a minimum of 14 days notice
  • landlords can not terminate a ‘fixed term’ agreement is this manner
  • if the tenant is on a ‘periodic’ agreement the landlord can give the tenant 30 days notice

Please be advised this is just a general guide. For more detailed information on these lease terms and notice periods, please contact our Tenancy Management team.