Protecting Your Interests;
What Renters Should Consider Before Signing A New Lease
There are many reasons why people choose to rent their home rather than buy one. Whatever the reason, every renter should understand how to protect their interests before signing a new lease. Careful consideration of the facts before signing will see fair treatment and a pleasant experience for all involved. Every renter should expect a certain standard of treatment; their lease is the legal document that ensures this.
The Basics
Every lease should contain some basic information. This information includes the rent amount, the date it's due each month, and the payment method accepted. Also, the start and end date of the lease, the property's address details, and the landlord's name and contact details are included. Your lease will contain additional information depending on the province and various circumstances, but the above information should always be included.
Additional Lease Information
Before signing a new lease, thoroughly reading it is essential as additional information varies between leases. If you must pay a safety deposit, the lease will state the amount, which is helpful if the amount is disputed at the end of the tenancy. If a property rental management in downtown Toronto manages the building, the lease should include their details. Check any utilities included in the rent are stated, as well as those the tenant is responsible for. Signing the lease means you agree to all these things.
Ask About Missing Details
If you've read through the lease and are unsure about anything, feel free to ask questions regarding missing details. The lease should mention the responsibility of grounds maintenance throughout the rental period and expectations at move-out.
Pets
Not all rental properties are suitable for pet owners, especially in condos, so it's essential to clarify this information before signing paperwork. If your landlord is happy for you to have pets, getting them written into the lease protects both parties. You may need to pay an additional deposit, which should also be stated in the lease, along with the initial security deposit.
Roommates
Many renters save money by living with roommates. If this is the route you're planning to take, there are additional considerations the account for. If you sign the lease solely in your name, you're liable for 100 percent of the rent should any of your roommates not pay. But you also can ask them to move out at any point should things not work out. Alternatively, if everyone signs the lease, everyone is liable for their share of the rent.
What To Avoid
The lease details are just some things to consider before signing the dotted line. Should anything feel off about the landlord, proceed with caution. You should be able to view the property before signing the lease, nor should you be asked to pay the deposit before signing the rental agreement. If it's too good to be true, avoid it.
Renting is a positive for most people who choose this option. By understanding your rights as a renter and ensuring you know the details of your lease before signing, you'll also enjoy a positive experience.