Canadians have two options when renting a home, and they are fixed term, or periodic month-to-month rentals. A fixed term tenancy, often referred to as a lease, is an agreement to rent a property for a certain term. They are usually yearly, and will have a date for the term to begin, and a date for it to end.
Each kind of tenancy has their own kind of benefits. 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.
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 will cover; utility payment arrangements; whether pets or smoking are allowed; 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.
What should I keep in mind when going over the agreement?
You are agreeing to stay for a while when you sign a fixed term agreement. Check and see that you understand what all the terms mean, and be sure you are in agreement with them. Some considerations you definitely need to make before you sign the agreement:
Unit functionality: Check that the unit is right for your requirements, and double check that the unit is in good repair. Open the cabinets, turn on the faucets, open and close the windows, make sure the door locks are in good condition. Use a tape measure to be sure that you can fit your furniture inside the unit. Look closely at the laundry and appliances that you will be using.
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.
Items included: Inquire and document what is included for the cost of renting the unit. Find out if you have parking included, utilities like cable or electricity, and laundry. Surprise expenses could put a strain on your budget.
Rental unit alterations: For those who want to make the place their own, ask the landlord what kind of changes you can make. 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.
Pets: If you will be living with a pet, be sure to find out immediately what the building policy is on your pet. Some places allow small pets, but not large dogs for example, so ask about the pet policy. Bringing a pet in without permission is a bad idea, as your lease could be cancelled by the landlord. Or worse, you may have to give up your beloved pet.
Rental termination clause: If you happen to need to leave before the lease is finished, what is the policy regarding this? Maybe you've got a new job in another city, you're getting married, or you have an opportunity to buy a home. Penalties could apply for moving out early, so ask about how much that would be, so you know. When you're staying until the lease is finished, ask how much notice is required.
Before you sign the lease, be sure that you have gone over the agreement in detail, and fully understand 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.
Each kind of tenancy has their own kind of benefits. 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.
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 will cover; utility payment arrangements; whether pets or smoking are allowed; 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.
What should I keep in mind when going over the agreement?
You are agreeing to stay for a while when you sign a fixed term agreement. Check and see that you understand what all the terms mean, and be sure you are in agreement with them. Some considerations you definitely need to make before you sign the agreement:
Unit functionality: Check that the unit is right for your requirements, and double check that the unit is in good repair. Open the cabinets, turn on the faucets, open and close the windows, make sure the door locks are in good condition. Use a tape measure to be sure that you can fit your furniture inside the unit. Look closely at the laundry and appliances that you will be using.
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.
Items included: Inquire and document what is included for the cost of renting the unit. Find out if you have parking included, utilities like cable or electricity, and laundry. Surprise expenses could put a strain on your budget.
Rental unit alterations: For those who want to make the place their own, ask the landlord what kind of changes you can make. 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.
Pets: If you will be living with a pet, be sure to find out immediately what the building policy is on your pet. Some places allow small pets, but not large dogs for example, so ask about the pet policy. Bringing a pet in without permission is a bad idea, as your lease could be cancelled by the landlord. Or worse, you may have to give up your beloved pet.
Rental termination clause: If you happen to need to leave before the lease is finished, what is the policy regarding this? Maybe you've got a new job in another city, you're getting married, or you have an opportunity to buy a home. Penalties could apply for moving out early, so ask about how much that would be, so you know. When you're staying until the lease is finished, ask how much notice is required.
Before you sign the lease, be sure that you have gone over the agreement in detail, and fully understand 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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