The sample residential lease agreement below describes a contract between “Landlord” Keith Richards and “Tenant” Clara Trueba. She agrees to rent a two bed room, two bathroom apartment in Los Angeles for $2,000 per month for a fixed length of 12 months. The tenant agrees to pay for electricity, gas, water, cable television, and telephone, and the landlord agrees to pay for trash and sewage. This is a good example of what provisions a simple lease agreement might contain, and how one should look in its final form.
Landlord acknowledges that Tenant has a right to allow guests at the Property from time to time. Thus, Tenant may allow guests into the Property for up to fourteen (14) consecutive days without requiring written consent from the Landlord. Guests residing at the Property for longer than fourteen (14) days may only do so with prior written consent from the Landlord.
A security deposit is an amount of money that is held in an escrow account by the landlord. The funds are fully released to the tenant, at the end of the agreement, pending there is no damage to the property. The security deposit is a safety-net for the landlord in case the tenant decides to not pay rent, vacate the property early, or if at the end of the term there is damage to the premises. If there is damage to the property at the end of the lease, the landlord will usually provide an itemized list of all repairs that were made and their amount.
When you've taken the time to read through the lease thoroughly (don't let the landlord rush you!), check to see that the lease mentions which province will regulate this agreement. Then validate the document with the date and your name and signature (make sure the landlord signs it too!). Keep a copy for your files, and don't hand any money over until you actually sign the lease.
2. Try and sublet: A common arrangement is to find someone to take over your lease, known as a sublet. The person stays there and pays rent place while you’re away, but you keep the lease. That means you’re on the hook if something goes wrong. “If you find somebody to sublet and that person doesn’t pay, the landlord can still come after you for the money,” says real estate lawyer and Moneyville columnist Mark Weisleder.
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A lease is a contract. When you sign a lease, you have responsibilities toward your landlord under this contract. Quebec law lets you end your lease if your safety or the safety of a child living with you is threatened by spousal or sexual violence. This law also applies to same-sex couples. Spousal or sexual violence Spousal violence is violent behaviour coming from a spouse or former spouse...
Security Deposit – This is the mount of deposit the landlord collects upfront before the renter moves in. The security deposit is usually 1 to 2 times the amount of the monthly rent and is returned to the tenant at the end of the lease term if nothing has been broken or damaged. Take a look at your local state laws as some states put a cap on the amount of security a landlord collect.
As of April 30, 2018, landlords of residential rental property in Ontario will be obligated to use a new government-issued standard lease template (the “Standard Lease”) for all new residential leases. Requirements relating to the Standard Lease are contained in new Section 12.1 of the Residential Tenancies Act, 2006 (the “RTA”) and related regulations.
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