Canadians have two options when renting a home, and they are fixed term, or periodic month-to-month rentals. A lease is a fixed term tenancy agreement, in which a term is set for the time that you will be residing in the premises. There will be a start date and an end date, and is usually for a period of one year.
There are benefits to both types of agreements. When you have a need to remain unattached, monthly agreements will likely be the most beneficial way to go. If you want security, and a guarantee of a home at a set price for a set period of time is important to you, an annual fixed term arrangement might be best.
Whatever the term, your landlord will likely require you to sign a tenancy agreement form. The tenancy agreement form covers such things as:
The amount of time the tenancy is for; rental payment due dates; 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.
Before signing, what should I look for?
If you are signing a fixed term tenancy agreement, you are in for the long haul. 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:
Unit functionality: Check that the unit is right for your requirements, and double check that the unit is in good repair. 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.
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. Any damage should be included in the rental agreement so that when you leave the unit, you aren't held responsible.
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. Surprise expenses could put a strain on your budget.
Alterations to the unit: If you love to decorate, check with the landlord to see what he will allow. If you were to just get out your power tools and modify the unit, or even something like painting, your landlord could hold back your damage deposit to account for what they may consider to be damages.
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? 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. 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. When you have a need to remain unattached, monthly agreements will likely be the most beneficial way to go. If you want security, and a guarantee of a home at a set price for a set period of time is important to you, an annual fixed term arrangement might be best.
Whatever the term, your landlord will likely require you to sign a tenancy agreement form. The tenancy agreement form covers such things as:
The amount of time the tenancy is for; rental payment due dates; 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.
Before signing, what should I look for?
If you are signing a fixed term tenancy agreement, you are in for the long haul. 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:
Unit functionality: Check that the unit is right for your requirements, and double check that the unit is in good repair. 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.
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. Any damage should be included in the rental agreement so that when you leave the unit, you aren't held responsible.
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. Surprise expenses could put a strain on your budget.
Alterations to the unit: If you love to decorate, check with the landlord to see what he will allow. If you were to just get out your power tools and modify the unit, or even something like painting, your landlord could hold back your damage deposit to account for what they may consider to be damages.
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? 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. 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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