The Tenant acknowledges that the Landlord’s property insurance does not cover the Tenant’s personal property. The Landlord accepts no liability for damage or loss to the Tenant’s personal property for any reason. The Tenant acknlowledges their responsibility to obtain appropriate Renters’ Insurance to protect the value of their personal belongings.
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.
A lease with a fixed end date gives certainty of term for both the landlord and the tenant. It specifies the exact day the tenancy will end. The advantage here is that neither party has to give notice to terminate the lease, it simply ends on the specified date. During a fixed term lease the landlord cannot increase the rent, or change any other terms of the lease unless he specifically reserves the right in the agreement, and the tenant agrees to the changes.
From the tenant's perspective, the advantage to this kind of lease is that they don't have to pay the purchase price up front. If the Tenant cannot qualify for a loan, then they have the option of purchasing the property at a later date when their finances are more secure. In addition, the purchase price may be fixed, so the tenant does not have to worry if the real estate market fluctuates.
Because this is a complicated situation, you may wish to contact a qualified lawyer in your jurisdiction, especially if large sums of money are involved. You should inform your landlord immediately of the situation, so it cannot later be claimed that the landlord suffered losses as a result of not knowing that you were not going to move in. You may also wish to contact your local Residential Tenancies Board or government agency who oversees landlord/tenant disputes to find out the extent of your liability, which may or may not be limited by statute.
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