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. Typical leases are for a one year period, and have specific beginning and end dates.
Each kind of tenancy has their own kind of benefits. 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. The tenancy agreement form covers such things as:
The length of the tenancy term; due dates for rent payments; what your rent will cover; utility payment arrangements; rules concerning smoking or pets; how much security deposit is due, if any; when rent may be increased; and, what the landlord's and the tenant's obligations are with regard to repairs and maintenance, the landlord's access to the unit, and ending the tenancy.
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:
Functionality of the unit: Make sure that everything is in working condition, and suits your needs! Check that the faucets all work, examine the door locks, and open and close the windows and cabinets. 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.
Look for damage: If there is any stains on the carpeting, any marks on the walls, or any broken blinds or tiles, take photographs. 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: Be sure you know exactly what's included in your monthly rent payment. Ask about utilities, cable, laundry, and parking. 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. 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.
Pet policy: When a pet is coming with you, ask right away about their policy on your kind of pet. Many places have a restriction on the size and type of pets allowed, if any. 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. Make sure you know what sort of penalty you'll be required to pay, and if that's something you can live with. 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. Get the landlord's promises in writing on the rental agreement about issues like modifying the unit, or about your pets.
Each kind of tenancy has their own kind of benefits. 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. The tenancy agreement form covers such things as:
The length of the tenancy term; due dates for rent payments; what your rent will cover; utility payment arrangements; rules concerning smoking or pets; how much security deposit is due, if any; when rent may be increased; and, what the landlord's and the tenant's obligations are with regard to repairs and maintenance, the landlord's access to the unit, and ending the tenancy.
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:
Functionality of the unit: Make sure that everything is in working condition, and suits your needs! Check that the faucets all work, examine the door locks, and open and close the windows and cabinets. 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.
Look for damage: If there is any stains on the carpeting, any marks on the walls, or any broken blinds or tiles, take photographs. 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: Be sure you know exactly what's included in your monthly rent payment. Ask about utilities, cable, laundry, and parking. 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. 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.
Pet policy: When a pet is coming with you, ask right away about their policy on your kind of pet. Many places have a restriction on the size and type of pets allowed, if any. 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. Make sure you know what sort of penalty you'll be required to pay, and if that's something you can live with. 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. 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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