If you aren't already aware, as of April 30th, Lease Agreements in Ontario have changed! Landlords and tenants signing a new residential lease in Ontario are required to use the standard lease template. This changed requirement applies to new leases including apartments, condos, basement apartments and houses.
The purpose of the new standard lease is to make things clear and straightforward. It helps Landlords and Tenants understand their rights and responsibilities, reduce misunderstandings caused by verbal agreements and reduces the need for Landlord and Tenant Board hearings to resolve issues they may have.
What’s in the standard lease now? Most elements remain consistent. Let’s break it down in three main components:
Mandatory fields that include that include basic information.
Additional terms that are specific and unique to the unit.
General information for Landlords and Tenants on what their rights are such as:
Some things to keep note of for all Landlords and Tenants is that Tenants can’t ask for a standard lease if they signed a lease before April 30, 2018, unless the Tenant and Landlord negotiate a new lease agreement with new terms. If your landlord fails to provide the standard lease within 21 days after the Tenant has asked for it in writing, the Tenant may keep one month's rent. Again, if the landlord does not provide the standard lease within 21 days after the Tenant has made a written request, the Tenant may give 60 days notice to terminate a yearly or fixed-term tenancy early.
One key item to be aware of is that a landlord can only ask for last month's rent deposit on or before the landlord and tenant enter into the tenancy agreement. It is illegal for a landlord to collect a rent deposit of more than one month. For example, if you pay monthly, then they can only collect one months rent. Unless the Landlord and the Tenant agree on post dated cheques or e-transfer.
All in all, nothing will stay the same forever. Things will change, evolve and we have to keep up with it! Our recommendation is to keep a copy of all the paperwork that you and the Landlord or vice versa sign. It can be hard to get a copy of them later on, especially if there's a problem in the future. If you have any questions about the new standard lease or our services regarding rentals, you know where to find us! We will guide you through the process to make it as smooth as possible!
Have a great weekend everyone! -CC
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