Short-Term Residential Lease Agreement

A Short-Term Residential Lease Agreement is an agreement between a property owner (landlord) and a renter (tenant), outlining the terms of renting a residential property for a short duration.

This type of agreement is typically used when a person needs temporary housing for a specific period, usually less than a year. There are several situations in which a person might use a short-term residential lease, such as vacation rentals, temporary housing, or short-term work-from-home assignments.

While this document is used for a shorter duration, the Residential Lease Agreement typically involves a longer-term lease arrangement, ranging from several years. On the other hand, the Commercial Lease Agreement is used to rent business properties for a longer duration.

How to use this document

This document requires basic information about the parties, including the following information:

• Particulars of the Landlord and the Tenant: This includes the full name and contact information of the landlord and tenant.
• Property Description: This outlines the details of the rented property, including any amenities or furnishings included.
• Rent: This is the amount which is payable by the tenant for the use of the property. The tenant might make a lump sum payment or pay their rent weekly, monthly, quarterly, etc.
• Security Deposit: This is the amount a person pays as security for any damage a tenant might cause to the property. It also includes conditions for its refund, and any deductions allowed.
• Utilities and Maintenance: It specifies whether the landlord or the tenant will be responsible for paying utilities, such as electricity bills, water bills, environmental sanitation, etc.
• Rules and Regulations: Short-term rentals include specific rules regarding the use of the property, such as guests, noise restrictions, pet policies, smoking policies, cleaning, etc.
• Vacation and Termination Clauses: This outlines conditions under which either party can terminate the lease early and the responsibilities of the tenant upon moving out of the property.

After completing this form, the document should be printed. The landlord and tenant should sign the document. Alternatively, signing can be done electronically.

If the landlord is a company or other organization, an authorized officer, such as a manager, should sign on behalf of the landlord.

After signing, the parties should keep at least one signed copy of this document for their record.

Applicable laws

Various states in Nigeria have their tenancy laws. These laws include:

• The Tenancy Law, 2011: The law regulates the rights and obligations under tenancy agreements. The law applies to all parts of Lagos, except Apapa, Ikeja GRA, Ikoyi and Victoria Island.
• Land Use Charge Law: The land use charge is a property tax and all the properties and property owners are expected to pay it.
• Other applicable laws include: Registered Land Law, Land Registration Law, Capital Gains Tax Act and the tenancy laws of various States in Nigeria.

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