Continuing from where I left off, we will dive straight into what you can expect to find in a rental agreement.
When you are ready to rent with a landlord, you will have to agree on specific terms for your tenancy, and these terms will make up your rental agreement. This can be in the form of an oral or written agreement. In most cases, it will be a written agreement that both parties must sign.
This written agreement is often a lease form provided by the province.
You should expect a rental agreement to stipulate the following terms:
• The names of both the landlord and tenant(s)
• Address of rental property
• Agreed upon monthly rent, with or without utilities, parking and cable
• Amount and terms of deposit
• When the rent is due
• What repairs your are responsible for and your obligations to do repairs at the request of the landlord
• Term of rental period
• Notice of period that the tenant is required to give when terminating a tenancy
• The amount of the security of damage deposits, if applicable
• Subletting rules
• Allowable rent increases
• Specific restrictions
• When and how a landlord can enter the residential premises
• Conditions for termination of a lease
• Terms for dispute resolution
• Emergency contact information
Tenants are responsible for normal wear and tear on the premises during their tenancy. Meanwhile the landlord is responsible for the general upkeep. Be sure to record the condition of the accommodations before you settle in, as proof of how it was in the beginning.
In the final part of this section, it will cover specific restriction, and what happens if there is ever a problem.
Continuing Series:
Canadian Renting Guide: Renting a Place to Live – The Rental Agreement Part 1
Heleen Jacobsen
Broker of Record with InfoMarket Group GMAC Real Estate
www.infomarketgroup.com
