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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.
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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.
This Apartment Lease Agreement (the “Lease Agreement”) is entered into between Renter Name (referred to throughout this Lease Agreement as the “Tenant”) and Owner Name (the “Landlord”) as of the later date executed between the Tenant and the Landlord on the signature page hereto. The Landlord desires to lease the Premises and Furnishings (as defined below in Section 1) to the Tenant, and the Tenant desires to acquire for lease the Premises and Furnishings (as defined below in Section 1).
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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.
No refund will be issued to the CLIENT or any person connected with any advertisement being the subject of a publication on the Website of RENTQUEBECAPARTMENTS.COM or RENTQUEBECAPARTMENTS.COM MAGAZINE, and that is even if the good is rented or if the advertisement relating to the good is no longer required and/or needed by the CLIENT, before the end of the period of publication engaged of the advertisement.
A rental agreement is a contract, usually written, between the owner of a property and a renter who desires to have temporary possession of the property as distinguished from a lease which is more typically for a fixed term. As a minimum, the agreement identifies the parties, the property, the term of the rental, and the amount of rent for the term. The owner of the property may be referred to as the lessor and the renter as the lessee.
If there is late payment by the tenant the landlord has a couple of options. Firstly, they may accept a late fee for the delay in payment. Secondly and depending on the laws in the State, the landlord may give an official Notice to Pay or Quit stating the landlord has the right to terminate the lease if the tenant does not pay by the end of the time-period stated.
The lease is mutually beneficial. A tenant can't stop paying rent or vacate the property during the lease term — this is a violation of the agreement. Likewise, the landlord can't arbitrarily force the tenant to move. If my sister moves to town, for instance, I can't evict one of my tenants for the sake of giving that space to a family member. The tenant has secured it with a lease. My hands are tied.
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.
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Various things can affect the state of an apartment: a sagging ceiling, toxic mold or no running water. Depending on how serious the situation is, you can cancel the lease, leave the apartment during repairs or simply refuse to move in. By law, when is an apartment unit unfit to live in? The law considers that a rental unit is unfit to live in when there is a serious risk to the health or...