{"id":10072,"date":"2023-03-25T01:39:29","date_gmt":"2023-03-25T07:39:29","guid":{"rendered":"https:\/\/emeraldmanagement.com\/?p=10072"},"modified":"2023-03-25T13:42:28","modified_gmt":"2023-03-25T19:42:28","slug":"how-to-prepare-a-lease-agreement-for-a-rental-property","status":"publish","type":"post","link":"https:\/\/emeraldmanagement.com\/how-to-prepare-a-lease-agreement-for-a-rental-property\/","title":{"rendered":"How to Prepare a Lease Agreement for a Rental Property"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Renting out a property is a potentially profitable venture, but there are also potential issues that could arise. Having a lease agreement in writing can help in such situations.<\/span><\/p>\n<h4><b>What is a Lease Agreement and Why Do You Need One for a Rental Property?<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">A lease agreement is a contract between a landlord and a tenant. Among other things, the agreement outlines that the tenant is allowed to live in a property for a fixed period. This contract binds the landlord and tenant to the terms of the lease.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A lease agreement is important since it clearly outlines the terms and responsibilities for both the landlord and tenant. This can help clarify things if there are any disputes. While the lease does not need to be in writing, it is strongly recommended that it is. This protects all parties involved and ensures that everyone clearly knows what is expected of them.<\/span><\/p>\n<h4><b>The Different Parts of a Lease Agreement<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">There are several important parts of a lease. This includes the names of the landlord and tenant(s), the address and description of the property, the date that the tenancy is to start and length of the agreement, the amount of rent due and the mode of rent payment, the amount of the security deposit and where it is held, how the tenancy may be ended, and more.<\/span><\/p>\n<h4><b>What Should be Included in a Lease Agreement for a Rental Property?<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Each lease is different, but there are certain aspects that should be included.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In addition to what is listed above, it\u2019s important to include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">Responsibilities for maintenance and repairs<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Which utilities are included, and which are not<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Insurance requirements<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Rules regarding subletting<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Information on any other fees<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">And much more<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">It is important to note that the <\/span><i><span style=\"font-weight: 400;\">Residential Tenancies Act<\/span><\/i><span style=\"font-weight: 400;\"> is always enforced over any agreements made between the landlord and tenant. Therefore, if something in the agreement conflicts with the law, the law will apply. However, landlords and tenants can agree to other terms if they are not illegal.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For instance, the act says nothing about pets in a property. Therefore, landlords and tenants can agree to certain terms regarding pets if they wish.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If the property is a part of a building or condominium, there may be rules and bylaws associated with the property that the tenants will need to follow. In these situations, its a good idea for the landlord to provide the client with this information and state in the agreement that the tenant must follow these rules.<\/span><\/p>\n<h4><b>How to Protect Yourself and Your Property as a Landlord<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Having a lease agreement in writing is one of the best ways to protect yourself as a landlord. Other ways to protect yourself include screening and choosing tenants wisely, doing a full walkthrough and completing a move-in inspection to document the rental properties condition.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s also important to be familiar with the province\u2019s <\/span><i><span style=\"font-weight: 400;\">Residential Tenancies Act<\/span><\/i><span style=\"font-weight: 400;\"> so that you know your rights and responsibilities as a landlord.<\/span><\/p>\n<h4><b>What to do if a Tenant Breaches the Lease Agreement<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">If a substantial breach of the lease agreement occurs, the landlord can apply to end the tenancy or give the tenant notice that the tenancy is being ended. At least 14 days of notice must be provided and the day the notice is given and the day the tenancy ends do not count as part of these 14 days.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A substantial breach by the tenant is typically a situation where a tenant does not pay rent in full when due, causes significant damage to the property, endangers others, or does not vacate the premises when tenancy ends.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In these instances, the landlord can apply to the Court or to the Residential Tenancy Dispute Resolution Service (RTDRS) to solve the dispute.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Managing properties and dealing with tenants can be time consuming and often difficult. We can help. Emerald Management &amp; Realty Ltd. provides property management, property maintenance and rental property services and always provides the best possible support, care, and service. To find out more, please<\/span><a href=\"https:\/\/emeraldmanagement.com\/contact\/\"><span style=\"font-weight: 400;\">\u00a0contact us online<\/span><\/a><span style=\"font-weight: 400;\"> or call 403-237-8600.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Renting out a property is a potentially profitable venture, but there are also potential issues that could arise. Having a lease agreement in writing can help in such situations. What is a Lease Agreement and Why Do You Need One for a Rental Property? A lease agreement is a contract between a landlord and a [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":10073,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1,36],"tags":[],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/emeraldmanagement.com\/wp-json\/wp\/v2\/posts\/10072"}],"collection":[{"href":"https:\/\/emeraldmanagement.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/emeraldmanagement.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/emeraldmanagement.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/emeraldmanagement.com\/wp-json\/wp\/v2\/comments?post=10072"}],"version-history":[{"count":3,"href":"https:\/\/emeraldmanagement.com\/wp-json\/wp\/v2\/posts\/10072\/revisions"}],"predecessor-version":[{"id":10077,"href":"https:\/\/emeraldmanagement.com\/wp-json\/wp\/v2\/posts\/10072\/revisions\/10077"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/emeraldmanagement.com\/wp-json\/wp\/v2\/media\/10073"}],"wp:attachment":[{"href":"https:\/\/emeraldmanagement.com\/wp-json\/wp\/v2\/media?parent=10072"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/emeraldmanagement.com\/wp-json\/wp\/v2\/categories?post=10072"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/emeraldmanagement.com\/wp-json\/wp\/v2\/tags?post=10072"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}