Types of rental agreements

Under the law, tenancy agreements do not have to be in writing, but it's better if they are. 

There are two types of rental agreements. 

• fixed term
• periodic.

Fixed term

You agree to rent a property for a fixed amount of time such as six or 12 months.

If you stay at the property after your lease has expired and a new tenancy agreement is not signed, and you are not asked to leave, the agreement becomes periodic.

Periodic

You rent a property for an unspecified period of time. It can continue for an indefinite period until you or the landlord gives notice to terminate the arrangement.