TIC-Tenant in Common Association (TICA)
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TIC Tenant in Common Association (TICA) is a trade association safeguarding the right of the real property owners. If any of the property owner sells their interest in the property then TIC Tenant in Common Association (TICA) will assist to protect those interests for him. There are some functions and duties of Tenant in Common Association (TICA) that every property owner should know. Continue reading…
Tags: landlord and tenant agreement, Landlords and Tenants, TIC, TICA
As a landlord, you should always be alert to protect yourself against the financial impact that you may need to face after the damage of your property by the tenant. The tenants may refuse to pay for the damages or fight to get their deposits back from you. Since April 2007, it has been assured by the Government that the deposited money either should be placed in the hands of an approved third party or insured the money for tenant’s benefit. But this whole process can put burden on the landlord. But there are some options which can be adopted by the landlord to reduce the aggravated problems. 
When you are putting up a tenant in your property and done all the evaluations and check on him, and identified him as an acceptable tenant, the next thing is to get him to enter into a tenancy agreement. A formal verbal agreement will have no problem if it takes effect on the day it is granted, it is for a term not exceeding 3 years, and it is at the best rent which can reasonably be obtained without a premium being taken. But in the case of any relative or friend, it is not suggested as it has no any documentary evidence. 
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