In Canada, you can rent a home on a periodic (month-to-month) or a fixed term basis. A specified term is laid out for a fixed term tenancy rental, which most people simply call a lease. They are usually yearly, and will have a date for the term to begin, and a date for it to end.
There are benefits to both types of agreements. If you need flexibility, a month-to-month arrangement might be the best for you. For those who want to be assured of rental price and the security of a longer term, your best option is a yearly fixed term arrangement.
A tenancy agreement form is fairly standard when renting a property, no matter the terms you are interested in. Items covered on the tenancy agreement form include:
The length of the tenancy term; rental payment due dates; what's included in the rent; how utilities will be paid; smoking or pet related policies; what amount of the security deposit is required; rent increase expectations; then, there are the tenant and landlord obligations for maintenance and repairs to the unit, ending of the tenancy, and landlord access.
Before signing, what should I look for?
If you are signing a fixed term tenancy agreement, you are in for the long haul. Because of this, double check the agreement to be certain that you know what you are agreeing to, and that you completely understand the terms. There are several things you should consider before you sign on the dotted line, including:
Unit functionality requirements: Inspect the unit to be sure that it's in good shape, and check that it fits your living requirements. Check that the faucets all work, examine the door locks, and open and close the windows and cabinets. Be sure your furniture will actually fit in the unit by taking some measurements. Check out the appliances and laundry facilities.
Check for damage: Bring your camera and take some pictures of walls that are marked up, carpet stains, and be sure to document broken blinds or missing tiles. You don't want to pay for damage you didn't cause, so be sure any problems with the unit are listed on the rental agreement.
Items included: Inquire and document what is included for the cost of renting the unit. Things like parking privileges, laundry, and cable or other utilities. Surprise expenses could put a strain on your budget.
Altering the unit itself: The landlord will likely have rules about this, so ask before you make any major changes. The landlord could look at your paint job or alterations as damage to the unit, and if this is the case, your damage deposit may not be returned to you.
Pet policy: When a pet is coming with you, ask right away about their policy on your kind of pet. There are rules sometimes on what kind of animals are allowed, and there could be size limitations, if they allow pets at all. Don't be tempted to sneak in a pet, or you could be facing the cancellation of your lease. If you can't move again, you may have to give your pet away.
Rental termination clause: If you happen to need to leave before the lease is finished, what is the policy regarding this? Possibly you are getting married and need a bigger home, you could want to buy a home of your own, or you could get a new job that is located far away. There could be a penalty that needs to be paid to leave early, so find out what that is, and if you find it acceptable. And if you just want to move out at the end of the lease term, what sort of notice do you need to provide?
Examine the tenancy agreement carefully before deciding to put your signature on it. If the landlord has told you that your pet is no problem, or that you can paint a mural on your living room wall, make sure these things are noted in the agreement.
There are benefits to both types of agreements. If you need flexibility, a month-to-month arrangement might be the best for you. For those who want to be assured of rental price and the security of a longer term, your best option is a yearly fixed term arrangement.
A tenancy agreement form is fairly standard when renting a property, no matter the terms you are interested in. Items covered on the tenancy agreement form include:
The length of the tenancy term; rental payment due dates; what's included in the rent; how utilities will be paid; smoking or pet related policies; what amount of the security deposit is required; rent increase expectations; then, there are the tenant and landlord obligations for maintenance and repairs to the unit, ending of the tenancy, and landlord access.
Before signing, what should I look for?
If you are signing a fixed term tenancy agreement, you are in for the long haul. Because of this, double check the agreement to be certain that you know what you are agreeing to, and that you completely understand the terms. There are several things you should consider before you sign on the dotted line, including:
Unit functionality requirements: Inspect the unit to be sure that it's in good shape, and check that it fits your living requirements. Check that the faucets all work, examine the door locks, and open and close the windows and cabinets. Be sure your furniture will actually fit in the unit by taking some measurements. Check out the appliances and laundry facilities.
Check for damage: Bring your camera and take some pictures of walls that are marked up, carpet stains, and be sure to document broken blinds or missing tiles. You don't want to pay for damage you didn't cause, so be sure any problems with the unit are listed on the rental agreement.
Items included: Inquire and document what is included for the cost of renting the unit. Things like parking privileges, laundry, and cable or other utilities. Surprise expenses could put a strain on your budget.
Altering the unit itself: The landlord will likely have rules about this, so ask before you make any major changes. The landlord could look at your paint job or alterations as damage to the unit, and if this is the case, your damage deposit may not be returned to you.
Pet policy: When a pet is coming with you, ask right away about their policy on your kind of pet. There are rules sometimes on what kind of animals are allowed, and there could be size limitations, if they allow pets at all. Don't be tempted to sneak in a pet, or you could be facing the cancellation of your lease. If you can't move again, you may have to give your pet away.
Rental termination clause: If you happen to need to leave before the lease is finished, what is the policy regarding this? Possibly you are getting married and need a bigger home, you could want to buy a home of your own, or you could get a new job that is located far away. There could be a penalty that needs to be paid to leave early, so find out what that is, and if you find it acceptable. And if you just want to move out at the end of the lease term, what sort of notice do you need to provide?
Examine the tenancy agreement carefully before deciding to put your signature on it. If the landlord has told you that your pet is no problem, or that you can paint a mural on your living room wall, make sure these things are noted in the agreement.
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