A body corporate is the group of all the owners of lots or units which share common property. The body corporate bylaws refer to the set of rules governing the internal management of those lots. The bylaws may specify rules relating to noise, parking, behaviour of guests, pets, garbage disposal and the use of common property. The bylaws are sometimes referred to as a Community Management Statement or Condominium Bylaws.
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.
Typically, renting a room or a basement suite means you are sharing an accommodation with the landlord. A basement suite is a self-contained dwelling unit complete with its own kitchen, bathroom, and living area. Most tenants of a basement suite use a separate entrance to enter the house than the rest of the occupants. If you rent a room, you will likely share either the kitchen or bathroom with the landlord or other tenants.
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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.
immediately notify the manager of the buildings of which the Premises is a part of in person, by office telephone at Condo Office Phone Number, or by emailing Condo Office Email Address, and thereafter the Landlord by cellular telephone at Owner Phone, of any emergencies, dangerous conditions or defects in and about the Premises or Furnishings of which either Tenant becomes aware
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It is acknowledged that the Landlord is not liable for these occurrences. It is acknowledged that the Tenants’ insurance policy shall solely indemnify the Tenant for any losses sustained. Tenants’ failure to maintain said policy shall be a complete waiver of the Tenants’ right to seek damages against the Landlord for the above stated losses. The parties acknowledge that the premises are not to be considered a security building which would hold the Landlord to a higher degree of care.
Section 16. The Tenant acknowledges that the premises has been inspected. Tenant acknowledge that said premises have been cleaned and all items, fixtures, appliances, and appurtenances are in complete working order. The Tenant promise to keep the premises in a neat and sanitary condition and to immediately reimburse the Landlord for any sums necessary to repair any item, fixture or appurtenance that needed service due to Tenants’, or Tenants’ invitee, misuse or negligence.
A rental agreement is often called a lease, especially when real estate is rented. In addition to the basics of a rental (who, what, when, how much), a real estate rental may go into much more detail on these and other issues. The real estate may be rented for housing, parking a vehicle(s), storage, business, agricultural, institutional, or government use, or other reasons.
In addition, some leases may contain penalty clauses whereby the tenant is required to pay "re-rental fees" to cover part of the cost of the landlord having to re-rent the premises. However, the amount of the "re-rental fee" has to be reasonable and must be a pre-estimate of the damages that the Landlord will suffer in having to re-rent the premises early.
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.
The expiry of the lease does not necessarily terminate the rental arrangement. If a "Periodic" term is selected, the lease will automatically renew based on the same terms as the first lease, unless it is varied by giving proper notice as required by statute. So a "Periodic monthly lease" that continues for one year is actually 12 separate, automatically renewing leases. The lease will continue to renew automatically until one of the parties wishes to terminate the lease (by giving proper notice as required by statute).