Ontario’s standard lease agreement has undergone some changes, and since March 1, 2021, you’re required to use the updated version when you’re renting out an Oshawa property. The Landlord and Tenant Board can provide you with a copy of the standard lease in multiple languages, and also answer any questions you may have about your specific lease agreement.
All of the sections in Ontario’s standard lease are mandatory for most residences. Once the lease has been signed by the landlord and the tenant, a legally binding contract has been agreed to.
The standards lease has 17 sections, and here are some of the most important things that will be included in your Oshawa lease agreement.
Identified Parties and Lease Term
Your lease agreement will start by identifying who owns the property and who is renting it. You’ll need contact information for you, your property manager, and your tenants. This section has the landlord’s address where notices must be sent and it also permits landlords and tenants to receive formal notices by email when necessary. So, in addition to physical addresses, email addresses must be provided.
This is where all your contact information should go, including day-to-day phone numbers and emergency information.
The lease term will reflect the start and end date of the agreement. There should also be instructions for how a lease is renewed or canceled.
Oshawa Rent Collection and Utility Policies
The Total Rent needs to be listed in the lease agreement. This includes the base monthly rent as well as any additional charges, such as parking fees or utilities. This part of the lease agreement should be pretty clear about when rent is due, how it should be paid, and what the consequences will be if it’s late or if payment is returned by a financial institution.
The lease should always indicate whether any utilities are included or if the tenant is responsible for setting up their own utility accounts and paying the bills independently.
Deposits should also be reflected. Landlords may collect a rent deposit, which cannot be used as a damage deposit. If a key deposit is collected, that needs to be reflected in the lease as well.
Address Maintenance and Repairs in Your Lease
Tenants need to know how to request routine repairs and report maintenance issues.
Your lease needs to provide those instructions and remind the tenants that they are accountable for any damage that is caused by them or their guests. Ultimately, it’s the landlord’s responsibility to maintain the rental home, and the lease should reflect that.
Your lease should address the tenant’s responsibility for keeping the unit clean and free of trash, dirt, and pests.
Rules and Prohibitions
While most of the standard lease is fairly uniform, you may have particular rules about what tenants are permitted to do and not do while living on your property. Always address things like:
Make sure you’re clear about whether subletting is permitted and renters insurance is required. Everything needs to be perfectly clear so there is no confusion after your tenants move in.
Contact an attorney or an Oshawa property manager before you put together a lease agreement for your rental units. You want to make sure you’re covering every necessary legal detail. If you’d like some help, we’re here to provide support and resources. Please contact us at Investor’s Choice Property Management. We provide property management in Oshawa, Whitby, Courtice, Bowmanville, Pickering, Ajax, and communities in the regions of Durham and Clarington.