​The harsh reality: a trust deficit between tenants and landlords

It is quite simple to understand that when a person or a group of people is coming to live on your property, you are wary of whether or not they will be respectful of the property, stay true to the signed agreement, or even pay their dues on time. All of these concerns show a lack of trust between the two parties, but because they do not know each other as such, it is justified.

Similarly, on the other hand when someone is about to rent a property, they are wary of whether or not the landlord will be welcoming, whether the property will be well cared for or maintained, if the landlord will continue to be accommodating during the stay, or even if the landlord will abide by any agreement the two parties may have. This too shows a trust deficit between the two sides, albeit a justifiable one.

Both parties and their concerns are absolutely legitimate. In this day and age, one cannot only trust the other party blindly and hope for the best. To protect your interests, it is best to ensure that you are safe and protected in whatever agreement you are about to make. The simplest and most reliable way to do this is to form a legally binding, formal document in which both parties agree to conditions such as rent and length of stay, etc.

Acknowledging the fact that a trust deficit exists between these two parties, the only way to work around it and try to lessen the trust deficit is to seek legal counsel and create a legally binding formal agreement that protects the interests of both parties. Such a document usually has and generally should have clauses in which violations of the agreement results in serious consequences. The severity of the consequences ensures that neither party violates the terms of the agreement, nor this, in turn, helps lessen the trust deficit between both sides considerably.

Though the words ‘trust deficit' seem extremely frightening and intimidating, the concept is beneficial. The existence of the trust above deficit allows for both parties to draft legal documentation or even verbal agreements that protect both their interests and allow both of them to get what they want out of the agreement. If anything, this trust deficit is necessary for any landlord tenant relationship to be a successful one. One just needs to be smart and careful in the way in which to deal with it.