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Moving into a brand new home can be very exciting. It is common for new tenants to rush into their rental home and start to set up all of their furniture and to begin to create their new home. If you are looking to rent or lease an apartment you must take a good look at the agreements laid out in the contract from your landlord before you get too comfortable in your new place.
Whether you are looking for a place to buy or rent in the Toronto, Scarborough or Etobicoke real estate regions, you must take a detailed look at the lease contract. To begin, you do not have to wait for the landlord to send you a lease agreement, if you want you can write up one yourself and submit it to them. This allows you to negotiate the contract under your terms, instead of the landlord dictating his expectations.
Be sure to get to know the landlord before you enter an agreement. Remember that you will have to deal with this person for the entire duration of your stay. Unlike buying a Mississauga home for sale, you are not the only person who makes decisions about the living space that you are occupying. You will need to turn to your landlord to fix utilities and other items around the house. It is important that you have a trusting and open relationship with your landlord before you sign the agreement. In some cases rental apartments and Toronto condos for sale are negotiated under reliable real estate companies and the lease agreements will be standard for all of their tenants. In this case, you will not have to worry about a personal relationship and issues are often handled in a professional way.
One of the most important aspects of the lease agreement is stating any damages to the living area prior to moving in. Make sure that you and the landlord take time to make a detailed inspection of the apartment or home and document any existing damages. Any broken items should be fixed before you move in permanently and this should be written in the contract. Make sure that there is a clear outline of what items are the landlord's responsibility to fix and what items are yours. There should be a clause within the contract outlining what the penalty is for damages to the apartment, so you should have clear idea of what items you must be careful with.
Ensure that your lease agreement is for a short period of time, for example only one year. If, after that time, you want to continue to stay in this rental space then you should have the option to extend your contract. There is nothing worse then wanting to move out of a home and being penalized because you have signed a two-year commitment to the home. If you are from a big city and are moving to a smaller area, such as the Guelph real estate area, you may not want to sign a three-year contract. See how the first year goes and if you desire to move back to the big city then you will have the freedom to do so.
The agreement should also include rules and regulations, such as whether pets or smoking is allowed. Along with an outline of what days your rent payments are due. You can decide along with your landlord whether you would like direct deposit or post-dated cheques. You should also negotiate a disturbance policy, if the landlord needs to get into the living space for repairs, then you should have at least a twenty-four hour notice. A guarantor signature and security deposit are also often needed when renting an apartment. The guarantor should not be responsible for more than a years worth of rent. Your security deposit should only be charged once at the beginning of your term and not every time you renew your contract.
Finally, there should be a policy in the agreement regarding subletting. If you are planning to be away from your home for a period of time you may have the right to collect rent from a secondary tenant. This is extremely handy for high demand living arrangements, such as cottages for rent in PEI. This can be negotiated along with your landlord, and quite often it becomes your responsibility to manage the new tenant.