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.
The tenancy cannot be ended earlier than the date fixed except in three circumstances: both parties agree in writing; there are special circumstances such as the tenant is fleeing family violence or the tenant has been assessed as requiring long-term care or has been accepted into a long-term care facility; or as ordered by an arbitrator. Learn more about ending a fixed-term for family violence or long-term 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 Residential Lease Agreement is a lease agreement that is specific to residential rental properties and is used to outline the terms and conditions of a tenancy, including the rights and obligations of the landlord and tenant. It can be used for various types of residential properties, including apartments, houses, condos, duplexes, townhouses, and more.
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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.
With the last of the pitiful snow melting away, Spring is officially here which means it's time to start scrambling for your dream apartment. Especially if you're looking to find a lease that starts in the upcoming summer months. It's peak season for signing apartment leases. Want to avoid getting screwed over by a stingy landlord? Quebec's Regie du Logement has written protections for landlords and tenants alike. But among pages of legal jargon, we've translated and simplified the Regie down to 10 things you need to know before you sign.
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