What to Include in Your Lease Agreement to Protect Your Property
A well-crafted lease agreement is your first line of defense in protecting your rental property. At LSK Property Management, we understand the importance of a comprehensive lease. Here’s what Ontario landlords should include in their agreements:
1. Basic Information
- Names and contact details of all parties involved
- Property address and description
- Lease term (start and end dates)
- Rent amount, due date, and payment methods
2. Security Deposit and Rent Details
- Amount of security deposit (limited to one month’s rent in Ontario)
- Conditions for return of the deposit
- Rent payment schedule and late payment penalties
3. Occupancy Limits
- Maximum number of occupants allowed
- Rules regarding long-term guests or subletting
4. Maintenance Responsibilities
- Tenant’s responsibilities for routine maintenance
- Landlord’s obligations for major repairs
- Procedure for reporting maintenance issues
5. Alterations and Modifications
- Rules about making changes to the property (e.g., painting, installations)
- Process for requesting and approving modifications
6. Pet Policies
- Whether pets are allowed and any restrictions
- Additional pet deposits or fees (if applicable)
7. Noise and Nuisance Clauses
- Quiet hours and noise restrictions
- Policies on disruptive behavior
8. Smoking and Cannabis Policies
- Rules about smoking tobacco and cannabis on the property
- Designated smoking areas (if any)
9. Insurance Requirements
- Tenant’s obligation to obtain renter’s insurance
- Landlord’s property insurance coverage
10. Entry and Inspection Rights
- Conditions under which the landlord may enter the property
- Notice requirements for landlord entry
11. Utilities and Services
- Responsibilities for utility payments
- Included services (e.g., internet, cable)
12. Renewal and Termination Procedures
- Process for lease renewal
- Notice requirements for termination
- Conditions for early termination
13. Property-Specific Rules
- Parking regulations
- Use of common areas
- Garbage disposal and recycling rules
14. Legal Compliance Clause
- Statement of compliance with Ontario’s Residential Tenancies Act
- Reference to human rights and anti-discrimination laws
15. Dispute Resolution Process
- Steps for resolving conflicts between landlord and tenant
- Reference to the Landlord and Tenant Board for formal disputes
16. Emergency Procedures
- Contact information for emergencies
- Basic protocols for various emergency situations
17. Acknowledgment of Property Condition
- Move-in inspection details
- Agreement on the property’s condition at the start of tenancy
18. Signature and Date
- Signatures of all parties involved
- Date of signing
Additional Considerations
- Use plain language to ensure clarity
- Provide a copy of the Ontario Standard Lease as required by law
- Consider having the lease reviewed by a legal professional
Conclusion
A comprehensive lease agreement protects both landlord and tenant by clearly outlining expectations and responsibilities. While these points cover the essentials, it’s important to tailor your lease to your specific property and circumstances.At LSK Property Management, we specialize in creating robust lease agreements that protect your interests while complying with Ontario law. For more information on our lease management services or for assistance in drafting your lease, visit our lease management page or contact us directly for personalized support.