The following summary information applies to the fees pertaining to residential tenancy agreements with Emerald Management & Realty Ltd.
The current prevailing rate for these fees outlined in your tenancy agreement is current as of June 2022 and subject to change.
- Late Fees = The rent is due on or before Noon (12.00 pm) on the first of the month. The tenant agrees to pay the sum of $10.00 per day. Additionally, all costs incurred by the Landlord in processing electronic transfers or payments or payments made by credit card shall be the responsibility of the Tenant. Such costs and fees are considered to be part of the Rent.
- NSF Fees & Returned Payments = Rent not successfully negotiated and returned non-sufficient funds (NSF) or is otherwise not processed is subject to an NSF fee in the amount of $125.00 along with a $50 administrative fee. Such fee shall be considered to be part of the Rent.
- Lease Breaking Fee = In the event the Tenant vacates prior to the end of the initial term of the lease, the tenant is responsible for the rent owing for the balance of the term, or until such time as the unit is re-rented (whichever occurs first) plus a lease breaking fee in the amount of one (1) month’s rent. The tenant is also liable for all re-rental and/or marketing expenses including leasing fees and leasing commissions that are incurred by the Landlord.
- Late Notice Fee = In situations where the tenancy has become month-to-month, the tenant is required to provide a written notice to vacate prior to the end of any particular month to be effective at the end of the following month (aka the Termination Date). If the tenant fails to provide one month’s notice the tenant will be liable for the payment of a Late Notice Fee in the amount of $500.00 plus the next month’s rent if the rental premises is not re-rented.
- Marketing Expenses = In situations where the Tenant vacates the Premises prior to the end of the initial term, subject to the terms of their lease, the tenant will be liable for marketing and/or advertising expenses incurred by the Landlord.
- Leasing Fees and/or Leasing Commissions = In situations where the Tenant vacates the Premises prior to the end of the initial term, subject to the terms of their lease, the tenant will be liable for leasing fees and/or leasing commissions based on the leasing fee and/or commission expense incurred by the Landlord.