Hunting for a new apartment can be a frustrating process; there’s so much to take into account: the neighbourhood, the building, the management, the type of unit and budget requirement. That’s why when they’ve finally found their new home, some renters will sign a lease agreement without really taking the time to understand what’s in it. Make sure you understand what you’re signing so that both you and your property manager will have clear expectations of the details that affect your tenancy. Here are some quick tips on what to look for in an apartment lease before you sign.
Read It!
First and foremost, take the time to read your lease agreement. Do your best to make your way through the legal language. Don’t feel pressured to sign a lease without allowing yourself the time to do this thoroughly. Ask for a copy of the lease agreement in advance of signing and give yourself time to review and discuss any necessary changes with the landlord.
‘Standard’ Leases
Be wary of any ‘standard’ lease agreement; each province in Canada is regulated by its own Housing and Tenant’s board. Before you rent, ensure that you take a quick read over the Residential Tenancies Act applicable to your province.
Clueless Clauses
Sometimes provisions are made and a landlord will imply that they don’t enforce it. In this case, ask that any of these clauses be removed. There is no need for additional clauses if they are not relevant. Keep things simple and transparent from day one.
Apartment Handover
In what state will the apartment be when it’s handed over? Will you receive it on the first day of your tenancy in the same condition that you’ve viewed it? Has the landlord promised that the premises will be painted and cleaned before your tenancy? These details and more should be listed in a provision that outlines how you, as a tenant, will accept the space and lays a clear understanding of any work that needs to be completed before your tenancy begins.
Signed and Dated
After you and your landlord have dotted the i’s and crossed the t’s, both parties should walk away with a copy of the fully signed agreement. Along with a hard copy of the original lease, scan an agreement to keep on file for future reference.
Ensure you check Insurance
While it’s always a good idea to have tenant’s insurance, landlords are beginning to require that new tenants have a policy in place while living in an apartment community. Often lease agreements require that tenants obtain and maintain a standard liability insurance policy that protects against loss, damage or theft of property. Also, be sure to take a look at the amount of liability coverage required.
Utilities
Confirm and outline in the lease agreement which party is responsible for payment of utilities such as hydro, hot water and heating. If you’re moving into a new building or condo, take a close look and see if there is any preferred (or required) service providers.