20.1 The fact that we do not insist on the full implementation of any of your obligations hereunder or that we do not exercise any of the rights that the presents gives us, should not be construed as a waiver for future to request your that you comply with your obligations. Neglect or delay in exercising any right or remedy under this Agreement shall in no way be construed as a waiver by us of that right or remedy.
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The landlord can deduct from the security deposit when the tenancy ends and the tenant owes the landlord money for either unpaid rent or damage to the premises. The landlord generally cannot deduct for reasonable "wear and tear" on the premises, (i.e. wear and tear that occurs just from living in the premises). The landlord can deduct for stains on the carpet or countertops, large holes in the wall, and missing appliances and other such things that are beyond reasonable wear and tear.
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.
Lease Term – This is the length of the lease. Most long term lease arrangements are at least 1 year but some terms can be month to month. As a landlord, it is important to have any lease term end in a seasonally beneficial time period so if the tenant does not renew, you can find a replacement relatively quickly. The best month to have your lease renew is during the typical moving months of June, July and August. If you fail to renew the lease, most state rental laws say that the contract then goes month to month.
The Standard Residential Lease Agreement Template is the most widely used landlord-tenant contract. It is a fixed arrangement usually lasting for a period of one (1) year and both parties shall be bound until the end of its term. The document must follow all State Statutes and contain all disclosures as provided by law. After the form has been agreed to, along with the disclosures attached and security deposit provided by the tenant, the form is ready to be signed by the parties.
Who: The parties involved in the contract, the lessor (sometimes called the owner or landlord) and the lessee (sometimes called the renter or tenant) are identified in the contract. A housing lease may specify whether the renter is living alone, with family, children, roommate, visitors. A rental may delineate the rights and obligations of each of these. For example, a "sub-let" to a stranger might not be permitted without permission of the landlord. This also applies to whether or not pets may be kept by the renter. On the other hand, the renter may also have specific rights against intrusions by the landlord (or other tenants), except under emergency circumstances. A renter is in possession of the property, and a landlord would be trespassing upon the renter's rights if entry is made without proper notice and authority (e.g., 24 hours' notice, daytime, knock first, except for emergency repairs, in case of fire, flood, etc.).
The length of time of a lease agreement is identified as one of the requirements of the contract. A lease agreement can be created for month-to-month leasing, six months, one year or more. Lease agreements are not required to be the same set amount of time. At the end of the current lease (fixed term) the landlord may wish to extend the lease to the tenant, as a lease agreement does not automatically renew, unlike a rental agreement. The current lease agreement will need to be amended or a new legally binding agreement can also be signed.
Under the Rental of Residential Property Act, a landlord is not responsible for damages to a tenant's personal property. If a tenant wishes to be compensated for losses or damages to their personal belongings, the tenant should obtain tenant insurance. If a tenant believes he has a cause of action against the landlord for personal injury and/or damages to personal property, the tenant may pursue the matter in the Supreme Court of Prince Edward Island.
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