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.
Each kind of tenancy has their own kind of benefits. Your best option if you need to remain flexible is to have a monthly lease. 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.
A tenancy agreement form is fairly standard when renting a property, no matter the terms you are interested in. The tenancy agreement form covers such things as:
The amount of time the tenancy is for; when the rent is to be paid; what your rent payment includes; how utilities will be paid; rules concerning smoking or pets; what amount of the security deposit is required; 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. 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. Some considerations you definitely need to make before you sign the agreement:
Functionality of the unit: Make sure that everything is in working condition, and suits your needs! Open the cabinets, turn on the faucets, open and close the windows, make sure the door locks are in good condition. Take measurements to be sure all your furniture will fit. 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. 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. Having bills you didn't expect could put you in a tough situation.
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.
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. You don't want to have to give up your pet so you can keep your home.
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. Your best option if you need to remain flexible is to have a monthly lease. 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.
A tenancy agreement form is fairly standard when renting a property, no matter the terms you are interested in. The tenancy agreement form covers such things as:
The amount of time the tenancy is for; when the rent is to be paid; what your rent payment includes; how utilities will be paid; rules concerning smoking or pets; what amount of the security deposit is required; 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. 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. Some considerations you definitely need to make before you sign the agreement:
Functionality of the unit: Make sure that everything is in working condition, and suits your needs! Open the cabinets, turn on the faucets, open and close the windows, make sure the door locks are in good condition. Take measurements to be sure all your furniture will fit. 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. 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. Having bills you didn't expect could put you in a tough situation.
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.
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. You don't want to have to give up your pet so you can keep your home.
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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