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What is Tenancy at Will and Is it Right for Your Rental Property PDF Print E-mail
Written by Teo Zhenjie   

Let's say that you're not sure that a tenant is trustworthy, then it makes sense that you don't sign up a 5 year fixed term tenancy right away. You can start earning rental income immediately by agreeing to a tenancy at will instead.

You can always set up a lease agreement later if the tenant turns out to be reliable and please, or you can ask him to vacate if he is disruptive or otherwise unsuitable.

Crucial Details of a Tenancy at Will and How You Can End it

This is an informal verbal agreement though the parties involved may sometimes write an informal note governing some of the terms of the tenancy. The note may include things like the rent amount, due date for rent payments or a no-pet policy.

In other cases, there is no written agreement at all. With this kind of tenancy, you can save yourself the time of drawing up lease agreements and the cost of an attorney review. Many landlords prefer to forego the paperwork for an at-will tenancy when renting to friends or family members.

While a written lease agreement can give you more stability and slash your vacancy rates, an at-will tenancy makes it a breeze to end the tenancy quickly when you need to. To end this tenancy, you will need to give your tenant a written notice to quit 30 days before the due date of the next rental payment.

As a landlord, you will need to decide which type of tenancy best suits your particular needs and circumstances. If you have problems doing so, you can always consider a tenancy at will.  Teo Zhenjie
 

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