Tenancy and Lease

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Joined: 18 Aug 2019, 05:58

Tenancy and Lease

Post by topebabade »

Good morning.

A Tenancy between a Property Owner (the landlord) and the person requesting to make use of the property for a period of time in consideration for the payment of rent (the tenant) can either be a LETting or a LEASE.

The difference between both is the duration of the tenancy. If it is a period of time of three years and above, it is a lease and it is required by law to be by a DEED. If it is below three years, it is a letting and is usually contracted by a Tenancy Agreement.

A Legal Practitioner called to the Nigerian Bar is the one legally authorised to draft a Tenancy Agreement or Deed of Lease. It is illegal for non-lawyers to draft such documents.

Thank you.

Ayobayo Babade
Tope Babade & Co (Real Estate Consultants)
Tel/WhatsApp: +234 813 834 4488

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