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A weekly/monthly/yearly lease with automatic renewal (a periodic tenancy) will continue so long as neither party wishes to terminate the lease. To terminate the lease the landlord and tenant must give notice of their intention to leave as specified by statute. A landlord can raise the rent, or change the terms of the lease in these types of agreements by providing proper notice as required by statute. At the end of the notice period the tenant must move out or the landlord can start eviction proceedings against them.
A Residential Lease Agreement is a lease agreement that is specific to residential rental properties and is used to outline the terms and conditions of a tenancy, including the rights and obligations of the landlord and tenant. It can be used for various types of residential properties, including apartments, houses, condos, duplexes, townhouses, and more.
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.
Negotiating a lease agreement is determined by a multitude of factors starting with market conditions and how the property is priced versus other rentals in the area. The landlord’s goal is to collect as much rent each month as possible while mitigating their risk. If the applicant can represent that they would be a stable tenant, the landlord may give them a discount on the monthly rental amount along with including utilities or services.
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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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