Essentially, the tenancy agreement is a contract between a tenant and a property owner. The contract is legal and can be either in written or oral records. The agreement gives rights to both parties, and sets out the terms that the parties must abide by. For example, while the tenant has the right to occupy the premises, the property owner has the right to receive rent for letting it out. Other conditions such as the amount of money payable and the duration of the contract are included in the terms of the agreement. It may also contain rules about what…