Property Rental Agreement
Renting a property In Cyprus is an easy procedure, however, is always necessary to sign a well drafted tenancy agreement that will make clear all the aspects related to the responsibilities of both parties where are involved.
Property Rental Agreement must clarify the terms & conditions below in order to be official and acceptable by the Cy Law.
a) Duration Period: The starting date and the expiry date
b) Option For Renewal and under which terms.
c) Landlord and Tenant names plus their passports information
d) Landlord and Tenant contact details
e) Property type and the content of the property
f) Full Address of the property
g) Agreed rent price per month and what is included within the rent amount
h) Schedule of payment (Cash, Bank Deposit, Online Payment)
i) Use of the property (Residential / Business)
j) Determination of the utility bills payment (Electricity / Water / Internet)
k) Landlord Obligations (Property Maintenance – Swimming Pool / Garden)
l) Tenant Obligations (Repair of Damages, Insurance of the private items)
m) Property Inspection: Allowed or Not and How?
n) Deposit: Refundable or Not – If yes, how?
o) Pets: Allowed or Not
p) Sublease: Allowed or Not
q) Landlord and Tenant Full Signatures
r) Minimum 2 Witness for the signatures
In addition, in the event where the tenant or the landlord is a legal entity, then the tenancy agreement has to be accompanied by the relevant certificates (Company incorporation certificate, Company’s Registration Number, Directors Certificate etc)
Also, it’s good to mention that the tenancy agreement has to include the name initials of both parties in every page in order to confirm that both parties have read and accept the terms / conditions of the agreement.