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. There will be a start date and an end date, and is usually for a period of one year.
There are some advantages to either arrangement. When you have a need to remain unattached, monthly agreements will likely be the most beneficial way to go. 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.
Whatever the term, your landlord will likely require you to sign a tenancy agreement form. Items covered on the tenancy agreement form include:
The amount of time the tenancy is for; when the rent is to be paid; what's included in the rent; who is responsible to pay for utilities; smoking or pet related policies; if there is a security deposit, and how much; 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?
You are agreeing to stay for a while when you sign a fixed term agreement. 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. 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. Open the cabinets, turn on the faucets, open and close the windows, make sure the door locks are in good condition. Be sure your furniture will actually fit in the unit by taking some measurements. Take the time to carefully examine your appliances and the laundry room in the building.
Existing damage: Take photos of any existing damage, such as, broken tiles or blinds, stains on the carpet, nicks in the walls. Any damage should be included in the rental agreement so that when you leave the unit, you aren't held responsible.
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.
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. 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. 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. 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?
Before you sign the lease, be sure that you have gone over the agreement in detail, and fully understand it. When the landlord tells you that you can paint the unit, or says that your pet can move in with you, be sure that this is detailed on the rental agreement in writing.
There are some advantages to either arrangement. When you have a need to remain unattached, monthly agreements will likely be the most beneficial way to go. 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.
Whatever the term, your landlord will likely require you to sign a tenancy agreement form. Items covered on the tenancy agreement form include:
The amount of time the tenancy is for; when the rent is to be paid; what's included in the rent; who is responsible to pay for utilities; smoking or pet related policies; if there is a security deposit, and how much; 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?
You are agreeing to stay for a while when you sign a fixed term agreement. 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. 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. Open the cabinets, turn on the faucets, open and close the windows, make sure the door locks are in good condition. Be sure your furniture will actually fit in the unit by taking some measurements. Take the time to carefully examine your appliances and the laundry room in the building.
Existing damage: Take photos of any existing damage, such as, broken tiles or blinds, stains on the carpet, nicks in the walls. Any damage should be included in the rental agreement so that when you leave the unit, you aren't held responsible.
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.
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. 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. 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. 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?
Before you sign the lease, be sure that you have gone over the agreement in detail, and fully understand it. When the landlord tells you that you can paint the unit, or says that your pet can move in with you, be sure that this is detailed on the rental agreement in writing.
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