As a tenant in Lagos, some things can be very confusing and exceedingly overwhelming. One of such things is understanding the concept of rent, its mode, and complications especially if one is just looking out to rent an apartment for the first time, about to renew or default on his/her rent.
We all know (or don’t know) that rent is the amount of money paid for the use of a property for a defined period. Rent can be paid in advance or arrears. Simply put, if you pay to use a property before you use it then you have paid your rent in advance. However, if you have to pay after using it for a certain period then you have paid your rent in arrears.
Mode of Payment.
Rent can be paid in advance or arrears. Where the lease agreement is silent, rent is paid in arrears. Although it is safe to mention that in most parts of Nigeria, rents are usually collected in advance.
A prospective tenant should be able to afford the rent of the desired property before entering into an agreement. A sitting tenant should also be able to afford the rent if he or she wishes to continue staying in that apartment the following year.
Important things to know as a Prospective or Sitting Tenant in Lagos state
- It is very important and legal to demand a tenancy agreement as it clearly outlines the terms of the tenancy.
- It is illegal for a landlord to demand rent above one (1) year if you are a yearly tenant or above 6months if you are a monthly tenant. It is also illegal to offer such to your landlord or agent.
- It is illegal for a landlord or an agent to demand an excess of a year or 6months rent from a prospective tenant.
- When the tenancy agreement didn’t stipulate the notice period, the law states that
- A month’s notice should be served to monthly tenants
- 3months notice for quarterly and half-yearly tenants
- 6months notice for yearly.
The reality, especially in Lagos, is that most tenancies are fixed tenancy i.e. there is a certain date for the tenancy to start and expire in the tenancy agreement. Thus, the law presumes that you are aware of these terms.
We understand the hassles and difficulties that surround renting or finding a new apartment. Check out our property section or feel free to contact us. We are available to help you.