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. Typical leases are for a one year period, and have specific beginning and end dates.
There are benefits to both types of agreements. If you need flexibility, a month-to-month arrangement might be the best for you. An annual fixed term agreement is best for people who are looking to secure a home for a long period of time at a set rate for rental prices.
Most landlords will have a form to sign for the tenancy, which stipulates certain terms. Things that are usually included on tenancy agreement forms are:
The amount of time the tenancy is for; due dates for rent payments; what your rent payment includes; how utilities will be paid; whether pets or smoking are allowed; how much security deposit is due, if any; when rent may be increased; then, there are the tenant and landlord obligations for maintenance and repairs to the unit, ending of the tenancy, and landlord access.
What should I keep in mind when going over the agreement?
Fixed term tenancies are for extended periods of time. Be sure you understand, and agree to, all the terms laid out in the agreement. A few things that you should keep in mind before you provide your signature:
Functionality of the unit: Make sure that everything is in working condition, and suits your needs! Make sure the windows open and close properly, look inside the cabinets, check the door locks, and ensure the faucets all run correctly. Be sure your furniture will actually fit in the unit by taking some measurements. Check out the appliances and laundry facilities.
Existing damage: Take photos of any existing damage, such as, broken tiles or blinds, stains on the carpet, nicks in the walls. 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.
Included items for the rental: Ask the landlord to detail exactly what you will receive for your rental payments. Find out if you have parking included, utilities like cable or electricity, and laundry. You don't want to find out later that you have to pay extra for these things.
Alterations to the unit: If you love to decorate, check with the landlord to see what he will allow. 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. Some places allow small pets, but not large dogs for example, so ask about the pet policy. Landlords could cancel your lease if you break the policy, so be honest and don't take a pet in without telling them. You don't want to have to give up your pet so you can keep your home.
Termination clause: What if you have to move before your lease is up? People move suddenly for many reasons including marriage, a sudden chance to buy a new home, or maybe you need to move because of a new job. Make sure you know what sort of penalty you'll be required to pay, and if that's something you can live with. When you're staying until the lease is finished, ask how much notice is required.
Make sure you read the tenancy agreement thoroughly before you sign. Get the landlord's promises in writing on the rental agreement about issues like modifying the unit, or about your pets.
There are benefits to both types of agreements. If you need flexibility, a month-to-month arrangement might be the best for you. An annual fixed term agreement is best for people who are looking to secure a home for a long period of time at a set rate for rental prices.
Most landlords will have a form to sign for the tenancy, which stipulates certain terms. Things that are usually included on tenancy agreement forms are:
The amount of time the tenancy is for; due dates for rent payments; what your rent payment includes; how utilities will be paid; whether pets or smoking are allowed; how much security deposit is due, if any; when rent may be increased; then, there are the tenant and landlord obligations for maintenance and repairs to the unit, ending of the tenancy, and landlord access.
What should I keep in mind when going over the agreement?
Fixed term tenancies are for extended periods of time. Be sure you understand, and agree to, all the terms laid out in the agreement. A few things that you should keep in mind before you provide your signature:
Functionality of the unit: Make sure that everything is in working condition, and suits your needs! Make sure the windows open and close properly, look inside the cabinets, check the door locks, and ensure the faucets all run correctly. Be sure your furniture will actually fit in the unit by taking some measurements. Check out the appliances and laundry facilities.
Existing damage: Take photos of any existing damage, such as, broken tiles or blinds, stains on the carpet, nicks in the walls. 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.
Included items for the rental: Ask the landlord to detail exactly what you will receive for your rental payments. Find out if you have parking included, utilities like cable or electricity, and laundry. You don't want to find out later that you have to pay extra for these things.
Alterations to the unit: If you love to decorate, check with the landlord to see what he will allow. 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. Some places allow small pets, but not large dogs for example, so ask about the pet policy. Landlords could cancel your lease if you break the policy, so be honest and don't take a pet in without telling them. You don't want to have to give up your pet so you can keep your home.
Termination clause: What if you have to move before your lease is up? People move suddenly for many reasons including marriage, a sudden chance to buy a new home, or maybe you need to move because of a new job. Make sure you know what sort of penalty you'll be required to pay, and if that's something you can live with. When you're staying until the lease is finished, ask how much notice is required.
Make sure you read the tenancy agreement thoroughly before you sign. Get the landlord's promises in writing on the rental agreement about issues like modifying the unit, or about your pets.
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