A tenancy agreement is a highly official document, which is maintained carefully in the United States of America to keep a record of the various terms and conditions that appear in a certain contract for tenancy. An agreement of this form may appear as a written document or may be orally finalized, although the former form of agreement is accepted officially and thus agreement documents need to be designed for the specific purpose. The U.S law assures an equal and fair share of rights to both the property owner and the tenant and assigns them with responsibilities and duties to which each of them will be bound during the entire term of the tenancy. The agreement states all those rights, duties, rules, and regulations that apply to both the parties and thus form the most crucial part of the document.
A tenancy agreement is generally framed for a contract signed for some definite period of time, during which the terms and conditions of the agreement apply to both the parties. Also, a certain amount of money is involved in this contract, generally involving an initial down payment, followed by the remaining payment done on completion of the term. The agreement thus involves a number of factors, which need to be considered while framing this important document. Some of them have been stated below: