In Canada, you can rent a home on a periodic (month-to-month) or a fixed term basis. 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. They are usually yearly, and will have a date for the term to begin, and a date for it to end.
There are benefits to both types of agreements. If you need flexibility, a month-to-month arrangement might be the best for you. 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.
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; rental payment due dates; what your rent will cover; utility payment arrangements; rules concerning smoking or pets; what amount of the security deposit is required; 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.
Before signing, what should I look for?
Fixed term tenancies are for extended periods of time. Check and see that you understand what all the terms mean, and be sure you are in agreement with them. A few things that you should keep in mind before you provide your signature:
Unit functionality requirements: Inspect the unit to be sure that it's in good shape, and check that it fits your living requirements. 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. Take the time to carefully examine your appliances and the laundry room in the building.
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. 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 for the rental: Ask the landlord to detail exactly what you will receive for your rental payments. Ask about utilities, cable, laundry, and parking. 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.
Pet allowance: If you own a pet, be sure to ask if pets are allowed, and if so, what type. There are rules sometimes on what kind of animals are allowed, and there could be size limitations, if they allow pets at all. Don't be tempted to sneak in a pet, or you could be facing the cancellation of your lease. Or worse, you may have to give up your beloved pet.
The termination clause: What happens in a case where you need to leave early and your lease is still active? 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. Also, find out how much notice you need to provide when you leave after the lease is over.
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.
There are benefits to both types of agreements. If you need flexibility, a month-to-month arrangement might be the best for you. 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.
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; rental payment due dates; what your rent will cover; utility payment arrangements; rules concerning smoking or pets; what amount of the security deposit is required; 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.
Before signing, what should I look for?
Fixed term tenancies are for extended periods of time. Check and see that you understand what all the terms mean, and be sure you are in agreement with them. A few things that you should keep in mind before you provide your signature:
Unit functionality requirements: Inspect the unit to be sure that it's in good shape, and check that it fits your living requirements. 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. Take the time to carefully examine your appliances and the laundry room in the building.
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. 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 for the rental: Ask the landlord to detail exactly what you will receive for your rental payments. Ask about utilities, cable, laundry, and parking. 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.
Pet allowance: If you own a pet, be sure to ask if pets are allowed, and if so, what type. There are rules sometimes on what kind of animals are allowed, and there could be size limitations, if they allow pets at all. Don't be tempted to sneak in a pet, or you could be facing the cancellation of your lease. Or worse, you may have to give up your beloved pet.
The termination clause: What happens in a case where you need to leave early and your lease is still active? 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. Also, find out how much notice you need to provide when you leave after the lease is over.
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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This article collected, selected and written by: Author Van Hoc
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