It is also a very simple part of the lease. The property provided for the rental agreement includes all real estate, apartments, houses, business offices, car parks, vehicles or storage units. It includes not only a bedroom, but also common areas of accommodation, such as basement, attic, laundry, balconies, pool, roof terrace. In the foregoing, it is simply explained that one of the main differences between the fixed lease and the periodic lease is the requirement to interpret a notification of termination before the periodic lease is terminated. What then of a fixed-term party, but of an oral lease, when the lease expires on the agreed date, but the other party, which is unable to find new tenants or new dwellings, wishes to continue the contract? The other party could simply say that the lease is a periodic lease agreement and that the statutory termination period for validly determining the lease was not served. 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. Another reason why an oral lease is not recommended is that it does not give parties the opportunity to fully verify the conditions they wish to guide their relationship, or to keep track of them. A carefully considered written agreement will answer, among other things, the following questions: When will the tenant have to pay rent? What is the consequence of non-payment of rent on the required day? Which of the parties is required to pay local authority rents? What are the owner`s obligations? What are the tenant`s obligations? Should the tenant be expected to demonstrate a standard of behaviour? Who pays for property insurance? Given that oral contracts are generally entered into by parties who do not wish to involve counsel in the proceedings, it is unlikely that the parties will contemplate any of these situations and thus create a margin of misunderstanding, since no clear expectation or obligation is set out. Where there are no carefully thought-out alliances between the parties, the appearance of one of the above situations will undoubtedly put the parties in a state of confusion and create a burden in an otherwise cordial landlord-tenant relationship. As a general rule, a contract can be oral or written.
However, some Nigerian laws require that certain contracts be entered into in writing to be enforceable (contracts for the sale of land holdings, money lenders and leasing, etc.). Contracting parties are free to decide how contracts are contracted. All contracts, written or not, must have four essential elements: offer, acceptance, consideration and the intention to create a legal relationship. If all the elements are in place, the agreement is mandatory for all parties and can be applied to anyone who does not comply with his contractual obligation. Between the terms of the lease is always included a special rental contract or explicitly. It is governed by the current law that protects the parties who participate in the lease. The properties mentioned in the agreement may be storage, parking, apartment, real estate and real estate spaces for businesses. 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 issue a 7-day notice of the landlords who intend to recover the premises from the tenant, after an action to recover the premises where the tenant fails to evacuate after the 7 days.