Financial Services _Çô Client Services RFC121 Chapter 7: RFC121 Chapter 7 - 2
5 Jun 2018
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The Lease
▪ A lease is a legal document that defines the conditions of a renal
agreement
▪ The lease should provide the following information;
▪ Description and address of property.
▪ Name and address of the owner/landlord.
▪ Name of tenant.
▪ Effective date and length of the lease.
▪ Amount and due date of rent.
▪ Location where rent is due.
The Lease
▪ The lease should also include;
▪ Date and amount for late rent payments
▪ List of included utilities, appliances, furniture and other facilities
included
▪ Restrictions on certain activities (ie. pets)
▪ The right to sublet the unit
▪ Conditions under which landlord may enter the rental unit
▪ Charges or damages for moving out before lease expires
The Lease
▪ Negotiate with landlord about lease terms you consider unacceptable
▪ The provincial Residential Tenancies Act protects your rights even if
your lease does not cover all the details
▪ Oral leases are also valid
▪ Lease provides protection to both landlord and tenant during the term
▪ Rent increases, unless provision in contract allows
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