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New Tenant Lease Agreement Ontario

The standard rental form is available on the Ministry of Housing website. There is one version that can be printed and completed, and another version that can be filled on a computer and then printed. Key deposits cover the cost of replacing keys, access cards or entry devices when the tenant loses them. The key deposit is refunded as soon as the full keys are returned to the lessor at the end of the lease. Starting April 30, 2018, most homeowners, whether they are a property management company or an individual landlord, will be required to use Ontario`s standard lease. After signing, this document binds the tenant and the lessor in a contract called a residential tenancy agreement. Landlords may require tenants to purchase liability insurance to cover accidental or random damage to the unit or persons inside the unit and any legal fees resulting from that injury. Tenant insurance is used to protect a tenant`s assets in the event of accidental damage. The fear of tenants refusing to leave, or worse, damaging your property is a nightmare for all landlords.

The evacuation process can also be laborious and time-consuming. Owning is a very serious obligation that legally binds you to your property and your tenant for years potentially. The standard rent developed by the Ministry of Housing applies to most housing rentals in Ontario, including: On February 7, 2018, the Ontario Ministry of Housing released the new Standard Form of Lease. This new lease is written in simple language to make it easier for landlords and tenants to understand their rights and obligations under the Residential Tenancies Act 2006. It is also an attempt to reduce illegal and unenforceable conditions in leases and to reduce the number of disputes in the landlords and tenants` room for a solution. The landlord and tenant may accept additional conditions such as changes to the unit before the tenant moves in, or rules for the use of public spaces or amenities. The additional conditions must not be contrary to the Ontario Human Rights Act or human rights. Frequently used rental conditions include: banning pets, banning roommates or guests, or additional fees such as bonds or interest. As a landlord, would you like to rent your condo to a tenant? There are many laws that govern the relationship between landlords and tenants that you need to know before renting your property.