The pandemic has had a significant impact on the rental market in Canada. However, with the Toronto market’s wide range of options, potential renters can still benefit despite the current circumstances. Similar to the process of buying or selling a house, a realtor can be sought out by both landlords and tenants to support them during the process of renting. If you are leasing a property in the near future, or if you wish to simply gain a better grasp on the related terminology, there are three must-know terms to have an understanding of before signing your rental agreement. It is also important to note that leasing vocabulary or rules sometimes vary depending on the province.
Is leasing a property the next step for you? Here are three important terms to be aware of:
Otherwise known as the term of the tenancy agreement, a lease term refers to how long the agreement will be in effect. A fixed-term tenancy means that it starts and ends on a certain date, which is stated in the agreement. When this type of lease term ends, a tenant can opt to live in the home on a monthly basis, or choose to begin a new agreement with the landlord. Periodic tenancies exist as well, where no end date is in place until the point of tenancy termination. Check out Renting a Property FAQs for more information.
In the case of a renter wishing to leave an active lease agreement, a notice to end the tenancy is essential to provide. Prior to the tenant moving out, or when the fixed-term lease is due to end, it is often necessary to serve this notice (in writing) many weeks in advance.
In Good Repair
An inspection clause, which applies to the physical condition of the property, is not offered with leases. On the other hand, a lease sets specific groundwork concerning the landlord and tenant’s responsibility to keep the home in good repair. This acts as a standard that focuses on the required maintenance and repairs for the property. Lastly, a lease agreement can outline the steps to follow in case of broken-down appliances, or state any work requests that are set to be finished before the renter’s occupancy.
For more information on leasing a property in Toronto and GTA, contact Real Pavel today, where meeting the needs of our clients is our top priority.