The Basic Aspects of Housing Contracts

Housing, more specifically dwelling, refers to the arrangement and assigned use of residential buildings or homes collectively, for the intended purpose of housing human beings more especially for the economic, social, and personal welfare of the people within a given community. The concept of housing is not limited to a particular geographical location; it has rather developed over time due to changing societal situations and needs. The term “housing” can be seen to extend to a wide variety of structures such as apartment complexes, condominiums, townhouses, row homes, mobile homes, and the like. The basic unit of housing, which in most cases refers to both residential buildings and their common elements such as furnishing, is referred to as “home,” while the other elements that compose the structure are called “household belongings.”

A housing arrangement is deemed acceptable or unaccepted based on its compatibility with the local social, economic, and demographic features of a particular locality. The basic unit of housing may be categorized into three basic types: owner occupied household; rented household; and cooperative household. When a resident of a dwelling settles in a town, village, city, or suburb, he becomes an owner-occupant. A tenant on the other hand is a member of a cooperative housing association who possesses his own dwelling.

The basic unit of housing commonly known as a ‘voucher’ system is comprised of a housing unit or dwelling that is possessed by some body (a landlord) on lease, with the aim of ensuring rent payment by its occupant(s). In most cases, the landlord sells the said housing unit at a price higher than the rental amount that it is able to bring in, with the hope of capturing a part of the rent increase that goes to him. However, in cases where the landlord does not sell the said housing unit, a tenant is allowed to occupy it for an agreed period of time with the aim of securing either a fixed or a specific monthly rent payment from the landlord. A housing unit or dwelling (also called ‘voucher’) with a voucher payment system is a contract that is signed by the landlord and the tenant. A contract with such a system allows both parties to benefit from the system, with both parties getting what they want from it.