The lease should also mention any additional property maintenance issues, such as when the landlord may have access to your rented apartment for repairs: make sure that there is a clause in the lease that states that written notice must be given 24 hours in advance (unless it's an emergency, of course). Other conditions for entry (if any) should be listed in the lease.
A lease with a predetermined end date, usually called a fixed term lease, is when the tenant agrees to rent the property for a certain period of time at a fixed price. This type of lease uses calendar dates to specify the start and end of the lease. At the end of a fixed term lease, the landlord and tenant can sign a new lease with updated dates and information or move on.
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The tenant will have to read their lease as most agreements automatically convert to a month-to-month lease (tenancy-at-will) if there is no termination by either party. In most cases, the landlord will send the tenant a Lease Extension Addendum before the original lease ends to extend the term. The extension will detail the new end date, along with any other changes, while maintaining the rest of the terms of the original lease agreement.
If you are planning to sublet your place its important to know that you remain entirely responsible for the obligations of the lease. That said, you can draw up a sublease form by using a standard lease form and fill it out as the landlord. Let your landlord know you are planning to sublet your place and notify them of your sub-tenant nomination. They are allowed to refused the sub-tenant provided they offer serious explanations. A sublet is a sublet (versus assigning a lease) only if you expect to return afterwards.
3. Rent and security deposit. Monthly rent to be paid by Renter to Homeowner is $[RENT] per month, due on or before the 1st day of each calendar month during the term of this Room Rental Agreement. The first and last month’s rent must be paid in advance upon the signing of this Room Rental Agreement. If this Room Rental Agreement begins partway through the month, the first month’s rent will be prorated. Rent must be paid in cash, money order, or cashier’s check. In addition, Renter will pay Homeowner a security deposit of $[SECURITY DEPOSIT] as security for any damages to the House caused by Renter. The Security Deposit will be returned to Renter within [DAYS FOR DEPOSIT RETURN] of termination of this Room Rental Agreement, less any deductions for damages, with an accompanying itemized statement explaining any deductions.
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Depending on where you live, a month to month rental agreement carries a different set of rights and obligations than a 1 year lease agreement. Nolo provides a quick low down on the difference between a rental agreement — usually for a short 30-day period that automatically renews — and a lease agreement — usually longer 6-month or 1 year plus period that ends.
Rent: Clearly specify how much the rent is and when it’s due. It should also be clear what’s included in the rent – for example, if utilities, laundry or cable are included; or whether there are other refundable or non-refundable fees payable, such as late fees. Essential services such as heat, electricity and hot water must be provided, but the agreement may say that the tenant pays for these
A rental agreement is extremely important for any landlord wanting to rent their property. Even if you are renting to a friend or family member, or just for a short time, a residential lease agreement can help save you from a lot of problems if (when) things don't work out. A rental contract should outline all your expectations for the renter, and it helps keep both the renter AND the landlord responsible and accountable for their part of the agreement.
When the tenant has broken the lease conditions and vacated prior to the expiry of the lease term, the landlord may charge a "rerent levy" to recover their lost rental income and costs associated with finding a new tenant. It is usually only charged when the term of the lease is six months or more, and some jurisdictions do not permit the landlord to charge a rerent levy. The amount charged must be reasonable given the circumstances, and must not exceed the damages that the landlord suffers from the tenant leaving early.
Please note: in some jurisdictions, a landlord is not allowed to ask for a security deposit. In other jurisdictions, a landlord may require both a security deposit and other types of deposits (for example, a pet damage deposit). You should review the governing legislation for the location of the property to make sure the type of deposit is allowable.
It is recommended for landlords to elect not permitting water filled furnishings on the property due to the potential damage they may cause if they should puncture. Chances are that the amount of damage a waterbed can cause, which is usually between 196 to 235 gallons, would exceed the amount held for the security deposit. Therefore, it is in the landlords best interest to not allow this type of furniture.
Make sure that every appliance and piece of furniture that is mentioned in the lease exists on the property. If not, at the end of the agreement the landlord will be liable to claim whatever is mentioned in the lease as part of the property. If a move-in checklist is being completed, this is not a huge issue, but the tenant should double-check to ensure that all is included as part of the lease.
Section 18. The Tenant may maintain a personal property insurance policy to cover any losses sustained to the Tenants’ personal property and/or vehicle. It is acknowledged that the Landlord does not maintain insurance to cover personal property damage or loss caused by fire, theft, rain, water overflow/leakage, acts of GOD, and/or any other causes.
The landlord's obligations are defined by the terms and conditions contained in the lease and the laws specific to where the property is located. The most important obligations of the landlord include providing the tenant access to the property and allowing the tenant peaceful enjoyment of the property. The legal owner of the property also has obligations to maintain the property to minimum standards.
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.
An option to purchase refers to a lease which allows the tenant to buy the property at an agreed price during the lease term. Usually the tenant pays the landlord a non-refundable option deposit and in exchange the tenant has the exclusive right to buy the property from the landlord. The tenant is given only a certain amount of time to exercise the option. If the Tenant takes advantage of the option, the Tenant's option deposit will go towards the purchase price of the property. If the Tenant does not take advantage of the option, the Landlord will get to keep the deposit and neither party will have any rights or claims against each other concerning the option.