If you`re a landlord in Ontario, having a rental agreement form is essential to protect your rights and ensure that your tenant understands their obligations. A rental agreement form is a legal contract that outlines the terms and conditions of the lease, such as the rent amount, security deposit, maintenance responsibilities, and other important details.
In 2020, there were some changes to the Ontario Residential Tenancies Act that landlords should be aware of when creating their rental agreement forms. Here`s what you need to know.
Firstly, the maximum amount that a landlord can ask for as a security deposit has changed. Previously, landlords were allowed to ask for a deposit of up to one month`s rent. However, as of April 30th, 2018, landlords can only ask for a deposit of one month`s rent. Additionally, landlords cannot ask for any other fees or deposits, such as key deposits or pet deposits.
Another change is that landlords are required to use a standard lease agreement for all new tenancies as of April 30th, 2018. This means that landlords cannot use their own rental agreement forms and must use the government`s standard lease agreement, which includes all the required terms and conditions. The standard lease agreement includes provisions regarding rent increases, termination notices, and other important information.
When creating your rental agreement form, it`s important to include all the necessary details and provisions to protect your interests as a landlord. Here are some important elements to include:
1. Rent amount and payment details. This should include the monthly rent amount, due date, and late payment fees.
2. Security deposit. Include the amount of the deposit and the conditions under which it will be returned.
3. Maintenance responsibilities. This should include who is responsible for repairs, maintenance, and cleaning.
4. Termination clauses. Include the notice period required for the tenant to vacate the premises and the conditions under which the landlord can terminate the agreement.
5. Pet policies. If you allow pets, include details such as breed restrictions, pet fees, and cleaning requirements.
By including these details in your rental agreement form, you can ensure that your tenant understands their responsibilities and obligations, and you have the legal documentation you need to protect your interests. Be sure to have a lawyer or legal professional review your rental agreement form to ensure compliance with all relevant laws and regulations.
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