Sunday, September 2, 2012

Do you use a real lease?

Did you make a real lease or just use the offer to lease from TREB?

Offer to Lease       Rental Application

You have a condo and you want to rent it out.

OF COURSE, you would want a tenant that will respect your property, look after the place, be courteous to the neighbors and generally obey all the terms of the lease. You want to avoid a tenant who will rip you off.  Someone who will pay the rent on time.

You posted your rental online and asked for;

  • Confirmation of employment
  • Copy of a Credit Bureau  
  • 1st and Last Month's Rent
  • 12 post Dated Cheques

[They] show up with a tenant application and an offer to lease.

Where is the lease?

In the application does it talk about utility deposits, hydro hook ups, access for bell and cable?    Who pays the water bill? Pets? Fur or Fowl  It needs to be stated!  Utilities in a house can be attached to the real property. 
Interest needs to be paid annually on their deposit.

Will there be an insurance endorsement in favor of your lender or the Condo corporation?  Have they received a copy of the Condo Buildings Rules and Regulations?  How will you discipline Noise and Music Complaints?  Parties?  

Do you have pictures of the condo interiors prior to tenant move in? This eliminates any claims for damage vs normal wear and tear. I use Video and Pictures. Have the tenant acknowledge receipt of the pictures.  Discuss what happens if cheques are returned from the bank; Will you be reimbursed? Have you made provisions for extra people in?   Are you limiting how many?

If you are going to buy Toronto condominiums as an investment it is imperative to make wise choices in your tenant selection and property management.  Proper notices. Everything in writing. No surprise inspections and remember they [the tenants] are your customers. Treat your customers well and you will profit from your investment.

Use professional people to buy, manage and if you need to go to Landlord Tenant Tribunal try a Boutique ParaLegal for LandLord Tenant Problems.  The LTT does have a help desk and all the forms are online.

Need a lease?   Yes    Contact me for details. 

Call me 416 233 9000 or directly at 647 218 2414

David Pylyp
Accredited Senior Agent
RE/MAX realty specialists inc., brokerage



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