Sign Rental Agreement
I've found a place, now what?
Once you have inspected the premises and you like what you see you can make an offer to the landlord. The next few steps involve:
- The Rental Agreement
- Signing the lease
- Paying the deposit (usually 50-75% of monthly rent)
- Conditions report
- Photos of the premises to record the condition of the place when you move in
The Rental Agreement
This is an agreement between the tenant (you) an the landlord (the owner renting out the premises). It states the date from which the rental agreement will run. Within the agreement both you and the landlord will agree to the conditions stated on the rental agreement and the rental agreement itself must be in accordance with the Residential Tenancies Act.
A rental agreement can be either written or verbal and a verbal agreement to lease out the property is just as binding as a written lease. In other words if you "say" that you are going to rent out a property from a landlord, it is just as good as if it were in writing. For your safety ALWAYS put things into writing so that if problems arise over a rental agreement, you can refer back to the papers.
A Rental Agreement could run from:
- week to week
- month to month
- on a fixed term or fixed number of months no less than 6 months
The rental agreement should include:
- The date which the rent is due
- Also where the rent can be paid
- To whom the rent is to be paid
After having signed the agreement you must retain an original copy for your records. The landlord must give you a copy of the Residential Tenancy Act after which you can pay the security deposit.
By law the landlord cannot demand a security/damage deposit that is more than 3/4 of the first month's rent. After paying it you must recieve a receipt stating what was paid, how much was paid and in what form the security deposit will be refunded on the date that the tenant moves, or when the lease is up.
The landlord cannot demand any of the following information from a tenant:
- Bank Account Number, only the name and the branch of the bank.
- Passport Number, study permit or work permit.
- Social Insurance Number (SIN).
Make sure that the place will be cleaned and that any of your concerns have been dealt with before you plan to move in.
Still have questions? Email our housing coordinator: email@example.com