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Haaa, now you want @Chief Egun1 to flog me for giving a lecture, without permission?

Okay, here we go: Lecture 104

Intro: Sir, I think the right comparison should be between a'Lease and a Rent'. Both are Tenants but their type of Tenancy is what is different. A tenant might be "Leasing" while another might be "Renting".

Differences, Pros and Cons
Tenor: 'Lease occupation exists for a[b] fixed length period, by default[/b], depending on the type of Lease (Fixed or Fixed Certain);
Rent occupation exists in perpetuity, by default (that is, the law assumes that by default, that a man who RENTS and pays for One year Rent, will renew that Rent after the end of the year and the tenant is entitled to exercise that 'renewal option', except its in very extraneous circumstances.

[color=@990000]Notice Period: Since most Flats occupation are on a yearly basis (using this as example, because there are bi-annual and Monthly tenants in some outskirts places), the Tenancy Law makes it mandaory that you must give a yearly RENT Tenant, a Six Months Notice to Quit tenancy.
The Notice period for a Lease is ONE Month "or" as enshrined in the Lease agreement signed between both parties (this means you can vary it to be one week, one month, three months, one year, as long as you both agree and sign same in your Lease agreement).

Renewal Procedure: For a Rent tenant, he will likely pay for another year, in the last month of his Tenancy though most will owe and let it spill over into the first, second or third Month. Some will even owe the renewal for almost a year! (This is what l cannot stand, to be honest).
I have been a tenant in the past and my Landlord use to use me as a 'Poster Boy' to other Tenasts because he gets his renewal Money, no later than the 11th Month of the current tenancy.

For a Lease, the renewal process would have been stated clearly in the Lease agreement, (if at all it is renewable, but most residential lease are renewable).
For example, A Lease that is One year Fixed Certain, means the Lease expires after one year of the signing of such agreement and the tenant MUST VACATE the Premises, at the End of the Lease. No Stories.
If it is just a Fixed Term Lease, it means the Lease ends at the end of the one year term and the option to renew, rests with the Lessor (House Owner or his agent). The conditions for renewal would have been explicitly stated in the SIGNED Lease Agreement and properly explained to the Tenant in both cases, before the agreement is signed.

So, the Lease variation ensures that you dont have to wait for six months to get an erring tenant out of your building (most tenants think they dont have to pay for the period under which they are given a Quit Notice but legally, this assumption is false, as the landlord can apply for Menes Profit, to cover that rent arrears and the Court will approve it, assuming the Tenant did not run away before the Judgement day )

For a Lease, the Notice Period can be as low as one week (but l normally sign-up to 30-Days, to give the Tenant time to look for alternative accomodation. One Month in February is not the same as One month in July, so l use a figure, 30 days, to remove any ambiguity ).

If Tenant fails to surrender key after that one month Quit Notice, then you serve a One Week Notice to surrender Keys, if he still refuses, you simply apply to the Court using form TL3 and the Court will invite the Tenant (some will not turn up but it does not invalidate the process) and he will be ordered, using a Court Bailiff, to vacate the premises immediately (again assuming you are doing the 'legally right things' and have not broken the law yourself and your 'Quit Notice' cannot be rendered invalid by very small, small technicality like inconsistent date (e.g, if the Notice is short by even a few hours or days (30daysshould mean 30 full days, from 12.00 am to 11:59 pm of the 30th day but l usually allow a day to overlap) or the Notice does not contain the major elements required by law, it becomes invalid and the tenant cannot be made to leave the premises by the Court, the whole process has to start all over again.

For a landlord, you want an erring Tenant out of your House as quickly as possible but we all know that it is very easy to put a tenant in the House but getting them out is just damn difficult because they are smart, some are wicked and also play alot of games. Some will stay in the house and use their Lawyer to "drag out" the Quit Case in Court.
One Baba Landlord told me that a tenant in his house just left and she spent three years without paying, before she finally left! I dont know what l would do, if l am confronted with such tenant because l am not that very patient to cheating, that is my weakness.
So, let him in on how to go about it, next time. No one should have the liver to put a retiree, elderly man through that.

[color=#990000]If you do a Lease, you are not bound by that Six Months requirement of the Tenancy Law, for a yearly tenant.
If you do a Lease, you would have specified in detail, how long the tenant will stay, if he can renew, that the renewal is optional and at your discretion, that it must be done and completed by the end of the 11th Month of the yearly Lease (so you can use the last month to issue the Quit Notice, if agreement cannot be reached and Tenant cannot owe you more than that One week Rent, at worst, which is the legally required 7days Notice before his matter gets before a Rent Judge in a Court).

With a Lease, the agreement is so detailed and so specific that it makes it easier for a Judge to determine the Suit in Court, because it is a PRIVATE AGREEMENT between you the Lessor/landlord and the Tenant/Lessee and the law honors private agreements between two private citizens, as long as it does not flout the Law.

Tenants who are on Lease also know that they are already on "one -leg out" of the house and they generally dont misbehave too much because they are also aware, having read and signed the Lease agreement, how easy it is for the landlord to evict them within a Month or six weeks at most, but only 7days extra is usually required in most cases.

But NOTE: The most important things in a Lease is the WRITTEN, SIGNED and STAMP-DUTY PAID Agreement.
It must contain all the elements that fulfill your requirements, (within the ambits of the law),
You must explain the meaning to your Tenant and it should have a clause stating that "he agrees exclusively and privately, to the terms of the Lease and will abide by these terms and conditions, unreservedly, that it has been read to him and explained to him in a language and manner that he truly understands".
This part is most important and the Lessee must sign and date separately, it just below those words.

The Term (duration of Lease) and Lease (Type of Lease) must be clearly stated.
The Lease must be signed on the last page by at least three people: You the Landlord (Lessor), the Tenant (Lessee) and a Witness.
You must then go to Revenue (or do it online) and pay .78% as Stamp Duty of the Lease amount, to the Govt, to make the Lease a Legal Document that can be presented in Court and accepted in Evidence.

Like l said, it is a legal document and not all Lawyers can provide one that will stand the test of time.
If not done properly, it will fall flat under cross examination, if you ever get to court but l have come to realise that tenants do read their Landlord psychologically from the onset and would determine if they can Bleep with you or not.
Give them a good building, sort out their issues that need your attention, dont be greedy, treat them fairly (but dont ever get too familiar with tenants, your relationship is not designed to be familair, rather, it is combative when the chips are down, no matter how much you like each other).

Carefully select Tenants that you know have the capacity to pay their Rent as at when due (Job level, education, responsibility, demeanor, etc are issues to consider, l wont give someone who earns less than 150K -200K a month, a house that cost 700-800K per annum, he cant afford it without running into financial difficulty). I ensure l personally speak with every potential Tenant, before l agree to their tenancy.

I am skeptical of Leasing to Traders and Single women (my apologies to all Traders and Single women here) because the income of a Trader fluctuates too much and Nigerians are not generally the type that think House Rent is the Number one 'priority money' to set aside, in times of plenty! Rent will always fall due when "market is not moving".
For the Single ladies, my issue is that majority of them like drama too much and the long line of Suitors and changing faces that come look for them, in my own opinion, puts the type of "safety and seclusivity' l expect in my Houses in jeopardy.
I have CCTV Cameras in externals of all my houses and l dont like when l take a look, seeing a "long traffic of strange faces", but you cannot deny a young lady such situation, so l would rather avoid it.

Just chose the kind of people you want in your house, l love young families, educated to higher level, with a serious and calm demeanor, not the noisy drunkard that would come and be banging the main gate at 1am in the dead of the night or one that stays home 24/7 gossipping and causing trouble with other occupiers.
Everyone to his own choice.

End of Lecture.

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Cc: @Mr.Okenwa

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