A Residential Tenancy Agreement should include a description of the type of property being rented or let (such as a house, apartment, townhouse, room, etc.) the address of the property, and the landlord and tenant's name and contact information.
In addition to basic information about the property, landlord, and tenant, the tenancy agreement can also include:
- Unit title rules if the residential property is a unit title property (a unit title property typically consists of townhouses or an apartment block where common areas such as lifts, lobbies, and driveways are shared by unit owners)
- Whether a bond is required to rent the property (a bond is an amount of money that can total up to four weeks' rent that acts as a guarantee that the tenant will fulfill their obligations as listed in the tenancy agreement)
- An option to purchase, which gives the tenant an opportunity to purchase the rental unit for a pre-negotiated price
- An address for service is a place where landlords or tenants receive notices and/or other documents relating to the tenancy (if you're a tenant, it's recommended that you use a physical address where you can access mail when the tenancy ends, even though you can usually add an email address, and/or a fax number as alternate contact information)
- The tenancy details, such as if the rental will be for a fixed term or automatic renewal (a fixed term rental means that the tenancy will end on a set date, which you can specify in the tenancy agreement, and an automatic renewal rental means that the tenancy has no set end date, and renews either monthly or yearly until the tenant or landlord decides to end the tenancy)
It is important to note that a landlord is generally not allowed to charge letting fees (charges to renew, extend, or grant a tenancy) or key money (money other than the rent or bond that a landlord asks a tenant in exchange for granting or making changes to a tenancy).
The only exception is that some landlords may charge an option fee, which is money that a potential tenant gives to a landlord to hold the rental while the tenant decides whether or not they would like to proceed with renting it. If the tenant decides to rent the property, the option fee must be refunded or put towards rent.