Please find below an explanation of some of the jargon used in the industry:
Tenancy Agreement/ lease
The contractual agreement between the landlord and tenant containing terms and obligations of both parties
An independent person who signs a legal document agreeing to pay the rent in the event that the tenant defaults and also to cover the cost of damage caused by the tenant. A guarantor is usually a parent or family member of the tenant
The monthly payment by the tenant to the landlord for use of the property
Wear & Tear
Loss, damage, or depreciation resulting from ordinary use and exposure over time, or, wear and tear is damage that naturally and inevitably occurs as a result of normal wear or aging
A condition report of the property to include all of its fixtures and fittings and cleanliness. This is used as evidence of the condition of the property at the end of the tenancy to determine whether any damage has been caused by the tenant during the tenancy over and above normal wear and tear.
A fixed sum of money taken at the start of the tenancy as security for the landlord for any damage or arrears at the end of the tenancy.
Where the tenant rents/ leases all or part of the property to a third party