Renting without a realtor

Managing Real Estate Broker with Sapphire Real Estate, Brokerage
Lot of times, landlords prefer to find tenants on their own using Kijiji, Facebook Marketplace (where there is no involvement from a broker), and recommendations from friends. They ask whether I can provide them with a sample or draft of a lease agreement. Additionally, they ask if they can include clauses stating that only the renters listed on the agreement are permitted to occupy the apartment or home, Can they add terms and conditions such as post-dated cheques, extra amount (monthly if they use their own appliances and only tenants mentioned on the agreement are allowed to live in apartment, etc etc.
Before you rent out your property, My recommendation would be to read Ontario's Residential Tenancies Act.  This will help you better understand your rights and your responsibilities. You don't want any costly surprises later on.
This is a link to Ontario Standard LeaseYou're better off sticking to it. Depending on how they are handled in the Act, any changes may or may not be enforceable. You must use the Standard Ontario Agreement, and then add lease addendums based on your unique situation or needs. Check that they are still legal under the Residential Tenancy Act.
Charging additional fees is generally not possible. Even if it is possible, it may lead to unnecessary arguments. However, if you want to charge for utilities separately, think about installing separate utility meters in the leased unit.
And don't forget to think about whether your tenant will share a bathroom and/or a kitchen with you. If this is the case, you will have more legal rights.
Finally, even if you did not hire a realtor, you might want to hire a paralegal to walk you through the Act, the Standard Lease, and your rights and responsibilities.
Mahesh Khatri is an accomplished realtor, Broker of record and has vast experience in dealing with Landlord Tenant issues. His goal is to find qualified tenants for the landlord while also ensuring that the lease is legal and enforceable. The goal is to protect both tenants' and landlords' rights.
For more resources visit the links below Search homes Home value Home buying book Book time
Call or text direct Mahesh - 416 464 6568
Rakhee - 647 400 6568

Comments (1)

Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em:

Very good information. Thanks for sharing and enjoy your week!

Sep 19, 2022 12:32 PM