Many landlords do not understand what the rules are regarding leases. The landlord tenant act is something that all landlord’s should study before renting out your investment property. A major reason why is that tenants study it, and know it very well. Tenants used to be ignorance, and those days are gone. With a few simple clicks, they can find out all of the rules and regulations.
As a landlord, you will quickly realize that the landlord tenant act is very tenant friendly. This is due to years of landlord abuse in the past. Landlords took advantage of tenants, and now the government has taken it upon itself to sway the pendulum to the right.
A lease is like the Ten Commandments, written in stone and very hard to change or break. Landlords, and tenants both do not think that a lease agreement is very meaningful in my experience. Many think they can just change it or get out of it for some reason. What they soon realize is that these rules are upheld and followed to the letter down the road in any dispute.
There are also some other rules which might not be set in the lease which must be followed according to the province.
The best thing to do when drawing up a lease, is to set out how long both parties must give in notice before terminating the contract. Typically 60 days are in most contracts before termination.
Always make sure you contact your tenant before the term is up to find out if they want to stay, or if you both want to part ways.
If you just leave the contract as is, the tenant goes on a month to month contract. Never assume they are leaving, and or the contract is up at the end.
If both parties keep the tenancy going make sure you understand that even on a month to month, you are eligible for the standard increase in rent.