This lease agreement template provides for a one year term, which is the most common, however the term can be longer or shorter as agreed upon by the parties. In the first blank, insert the date on which the rental term will begin. This is the date on which the tenant can take possession and begin to occupy the premises, and the date on which rent will commence. Ideally, the term will begin on the first day of a calendar month (this approach makes the accounting and record keeping easier), but it doesn't need to. In the second blank, insert the date on which the rental term will expire. For a one year term, this will be the day before the anniversary of the start date, for example: beginning on February 1, 2017, and ending on January 31, 2018.
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.
In the event the tenant is adding another individual to the residence (i.e. roommate, family member, etc.), the lease agreement should be consulted for requirements. Standard Residential Lease agreements have guidelines that new tenant additions be added specifically as a co-tenant. The additional tenant may be subject to criminal and financial screening, and rental history review. Furthermore, the current lease agreement may need to be reviewed to ensure the occupancy limit is not exceeded.
From the Landlord's perspective, there doesn't appear to be many disadvantages to this type of lease other than the Landlord will not receive an immediate cash sale on the property. Also, if the real estate market is rising, the Landlord could possibly lose out on the appreciated value of their property if they have specified a specific purchase price of the property. Consequently, it may be safer for the Landlord to make the purchase price equal to the market value of the property at the time the option is exercised.
Under "terms", there should also be mention of the length of the agreement, and the date that the lease starts and ends. The lease renewal information should also be there somewhere, along with mention of rent increases: when, how much to expect, and how much notice must be given. If you think you may want to sublet your apartment, it should be stated in the lease that you are allowed to do so.
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In most jurisdictions, there is a minimum period of notice required by statute. The lease can specify a notice period longer than the legal minimum, but it cannot specify a period shorter than the legal minimum. If it does, the legal minimum notice will still be required. You should consult the governing statute for these legal minimums as they will vary according to jurisdiction and the type and length of the lease. To review the legislation on the notice period, check the links under the location of property area on the questions page.
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Move-in Checklist (Inspection) – Required in Arizona, Georgia, Hawaii, Kansas, Maryland, Massachusetts, Michigan, Montana, Nevada, New Hampshire, North Dakota, Utah, Virginia, Washington, and Wisconsin. Without this checklist completed, the tenant will have no evidence to support that any damage present at the end of the term was not the fault of the tenant.
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While technically considered an occupant, pets are not a landlord’s best friend. Even if they are allowed on the property, the landlord should state exactly which types are allowed so that an “organic” tenant doesn’t have farm animals on the premises. Furthermore, it’s recommended that the landlord place a maximum weight the animal may be for liability (dangerous dogs tend to be larger) and damage to the premises.
The Standard Lease applies to most residential tenancies in Ontario, including leases of condominiums, single-family homes and units in apartment buildings. The Standard Lease does not apply to commercial properties, residential sub-tenancies, as well as tenancies involving student residences, retirement homes, land lease communities and other property types that are exempt from the RTA. However, the Ontario government announced that it is also working on standard form leases for some of the foregoing exempt classes of residential tenancies. There is no estimated publication date for these additional standard lease forms.
In addition to sections that must be completed setting out the relevant lease terms, the Standard Lease contains an appendix containing general information (the “General Information Appendix”) for landlords and renters on rights, responsibilities and unenforceable tenancy conditions. Items that are summarized in the General Information Appendix include, among others, material relating to illegal charges, pets, smoking, and rules governing the ending of a tenancy and evictions.
Currently, there is no mandatory standard form of lease for landlords/property managers and tenants in Ontario. From April 30, 2018, however, the New Form will be required for most new private market residential tenancies. Although the New Form will allow for additional terms, landlords/property managers should ensure that these terms do not alter the New Form in any way or contravene the Act. If they do, landlords/property managers will be unable to enforce them.
If you’re a tenant and want to move before the end of the lease, there are two ways you can avoid paying rent until the end of the lease. What is the difference between subletting and assigning a lease? You can assign your lease if you decide to leave your rental unit permanently during the course of the lease. You transfer your lease to someone else and have no further responsibilities as a...
If a "Fixed" term is selected, the leasing relationship may still continue after expiry if both the landlord and the tenant wish it to. In some jurisdictions, statute dictates that it will become a Periodic term lease, usually of the month-to-month variety, though this may vary. In other jurisdictions, the Fixed term lease may become a "tenancy at will" or a "tenancy at sufferance" when it expires, which lasts only as long as both parties wish it to, and is not subject to as much legal protection as a Periodic lease. If you wish to terminate all rights under a Fixed term lease as soon as the lease expires, you must serve proper notice before the end of the lease term, in accordance with local statute.
In addition to the above, a car rental agreement may include various restrictions on the way a renter can use a car, and the condition in which it must be returned. For example, some rentals cannot be driven off-road, or out of the country, or towing a trailer, without specific permission. In New Zealand you may have to specifically endorse a promise that the car will not be driven onto Ninety-mile Beach (because of the hazardous tides).
Rent: Clearly specify how much the rent is and when it’s due. It should also be clear what’s included in the rent – for example, if utilities, laundry or cable are included; or whether there are other refundable or non-refundable fees payable, such as late fees. Essential services such as heat, electricity and hot water must be provided, but the agreement may say that the tenant pays for these
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An option to purchase refers to a lease which allows the tenant to buy the property at an agreed price during the lease term. Usually the tenant pays the landlord a non-refundable option deposit and in exchange the tenant has the exclusive right to buy the property from the landlord. The tenant is given only a certain amount of time to exercise the option. If the Tenant takes advantage of the option, the Tenant's option deposit will go towards the purchase price of the property. If the Tenant does not take advantage of the option, the Landlord will get to keep the deposit and neither party will have any rights or claims against each other concerning the option.