What is a Fixed Term Agreement?
A fixed term agreement is a type of rental contract that specifies a set period during which you agree to rent a property. This period is predetermined and agreed upon by both the Occuapnt and ShareSorted before the Occupancy begins.Key Features of a Fixed Term Agreement
1. Defined Duration
The agreement specifies the exact start and end dates of the Occupancy. Common durations for fixed term agreements range from six months to one year, though they can be longer or shorter depending on the terms agreed upon.
2. Stable Rent
The rent amount is usually fixed for the duration of the agreement, providing you with financial stability and predictability.
3. Binding Contract
Both parties are legally bound to the terms of the agreement for the entire fixed term. Breaking the agreement before the end date can result in penalties or additional costs.
4. Renewal or Transition
At the end of the fixed term, the agreement can either be renewed for another fixed term, transition to a periodic (month-to-month) agreement, or end, depending on the terms set out in the agreement and the wishes of both parties.
Benefits of a Fixed Term Agreement
1. Security and Stability
A fixed term agreement provides security for both the Occupant and ShareSorted. You are guaranteed a place to live for the duration of the term, and ShareSorted is assured of a steady rental income.
2. Predictable Rent
3. Legal Protection
The agreement sets out the rights and responsibilities of both parties, providing legal protection and clarity. This includes details on rent payments, maintenance responsibilities, and rules for property use.
Responsibilities Under a Fixed Term Agreement
1. Compliance with Terms
As a Occupant, you are required to comply with all terms outlined in the agreement, including paying rent on time, maintaining the property, and adhering to any rules specified by ShareSorted.
2. Notice Periods
If you wish to move out at the end of the fixed term, you need to provide a minimum of 4 weeks written notice in accordance with the agreement's terms.
3. Early Termination
If you need to terminate the agreement before the end date, you must obtain ShareSorted's consent and may be required to pay a penalty fee.
Important Considerations
A fixed term agreement offers a structured and secure rental arrangement, making it a popular choice forOccupants. If you have any questions or need further assistance, please contact our support team.
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