If you’re moving out for the first time, you may not be as experienced with what to expect when you rent a property.
Once you find a place you want to live in, an important part of the process is signing a tenancy agreement or a lease agreement. While not all provinces require renters to have a written tenancy agreement or lease, such as Ontario, it’s in your best interest to have this in place.
The agreement will cover details about what both landlords and renters expect during the tenancy. It should include rental details, such as when the tenant can move into the unit, the monthly rent, when rent should be paid, what amenities are available to you, such as parking or utilities, and the tenant’s and landlord’s responsibilities, such as who is responsible for shovelling the snow or who is responsible for the property’s maintenance.
The document should also cover rental rules, such as how much notice the tenant needs to give the landlord before they decide to move out, subletting rules and any details about a damage deposit. It should also include the landlord’s legal name and address for when the tenant may want to reach out to him/her.
A written version of a rental agreement can help resolve any issues that may arise between the landlord and the renter. The document should define the legal rights of both parties, as well as what steps should be taken to handle a problem.
While landlords are free to set their own terms within the agreement, it can’t contain any rules or conditions that don’t follow the province’s renting legislation. For example, renters may take on some repairs on behalf of the landlord, but the landlord is still responsible for the general maintenance and safety of the property they’re renting out.
Once both parties have signed the agreement, the renter should be given a copy. This tenancy agreement can act as evidence for both parties if one party isn’t abiding by the terms that were previously established. domain ip . Once a timeframe’s lease agreement is up, both parties can decide to either renew it. If not, rent should be paid on a month to month basis and tenants still need to give landlords adequate notice if they choose to move out.
Renting Toronto has been in the business of placing competent, qualified tenants in owners and landlord’s properties since 1999. Our company has full time dedicated agents renting properties on behalf of owners and owners have the final say on all prospective tenants. Our website receives thousands of hits monthly and as a Homeowner or Landlord you can display your rental property on our website at a very low cost compared to our competitors!