Have you been searching for a Toronto apartment? Finding the spot of your dreams is only part of the process. There’s also the application, the deposit and of course the lease document itself. Today, the Greenrock Property Management blog will focus on details you’ll want to check before you sign that lease.
Speak with your potential landlord about what’s needed to apply for an apartment. At Greenrock, our team reviews credit references, credit bureau rating, rental history along with employment and income verification. We also ask that applicants include first and last month’s rent as a deposit by certified cheque or money order.
Read It…All of it…
Now this one is going to seem pretty obvious: read your lease agreement. You’d be surprised at how many renters don’t bother to take the time to read over their leases. Remember, this is a binding legal agreement and that’s nothing to sneeze at. Never feel pressure to sign a lease without giving yourself the time to read it over and that includes the nitty-gritty legal speak. A good landlord should have no problem providing you a copy of the lease agreement in advance of signing. This gives you time to review the agreement and negotiate any amendments.
Some landlords will use a standard lease template without removing clauses that aren’t applicable to your lease agreement. Be wary of any provisions that the landlord says are not enforced, if that’s the case, ask that these clauses be removed. There’s no need for a cluttered lease agreement and any confusion about expectations.
A lease document should clearly define the terms of your lease commitment, which refers to how long you are in agreement with the landlord that you’ll be living in your unit. Like many leases, ours here at Greenrock are one-year terms. However, some leases could be as short as four months or even month-to-month. Associated with the terms, also review your option to renew the lease at the end of tenancy and if any notice is required.
A lease should also highlight how and when rent should be delivered to your landlord. For example, payment methods accepted at Greenrock Properties include: on-line banking, preauthorized debit, interac debit, post-dated cheques and cheques.
Some landlords are beginning to require that tenants hold a policy during a lease term. Check the details of these requirements such as the amount of liability coverage required. Some landlords require a higher amount beyond what comes standard with a basic tenant’s insurance certificate.
Signed and Dated
At the end of the lease negotiation process, both parties should have a fully signed agreement in hand. File the hard copy of the lease away with your important documents and keep a scanned agreement on file for future reference.
Contact Greenrock’s management office for more information about our Toronto rental properties. Our team is happy to address any questions you may have about your application or lease for any of our Toronto apartment communities. Consider the Village Green Community (50 Alexander Street, 40 Alexander Street & 55 Maitland Street, Toronto) which is a quiet oasis in the heart of Toronto and is within a few minutes’ walk of the TTC, amazing restaurants, live entertainment and shopping.