Residential Rental Agreement
A Rental Agreement is also referred to as:
- Rental Contract
- Tenancy Agreement
What is a Rental Agreement?
A Rental Agreement (lease) is a contract between a landlord and tenant that is used to set out the terms of a residential tenancy.
Who should use a Rental Agreement?
Anyone who is renting residential space (such as a room, house, apartment, condo, basement suite, duplex, or town home) to another party should use a lease to outline the rights and responsibilities of both the tenant and landlord during the tenancy.
What is included in a Rental Agreement?
A Rental Agreement should include:
- Landlord, Tenant and Property Information: Contact information for both parties, as well as a description of the rental property.
- Lease Length: How long the tenancy will be, including whether it will automatically renew or if it is a fixed term, and notice details.
- Rent Price: How much the rent price will be per month, and if utilities are included. Also, if there is a fee for late payments and if the landlord requires a damage deposit.
- Permissions: This includes whether the landlord will permit certain things, such as smoking, pets, home businesses, or improvements to the rental property.
- Rules and Responsibilities: The responsibilities for the tenant and landlord, such as care and maintenance of the property, and overall expectations from both parties during the course of the lease period.
- Other Details: Other lease details may include an option to purchase (rent to own), guest rules, governing law, assignment and subletting terms, safety requirements, insurance, environmental disclosures, and more.
Why should I use a Rental Agreement?
A lease agreement is extremely important for landlords, property managers, real estate investors, and those who are renting a space to a friend or family member. It clarifies the expectations for both parties during a residential tenancy and lowers the likelihood of any disputes or misunderstandings at a later date.
Province Specific Rental Agreement
Each province and territory follows its own legislation regarding residential tenancies. LawDepot's Rental Agreement is built for all provinces and territories, including:
- British Columbia
- New Brunswick
- Newfoundland and Labrador
- Northwest Territories
- Nova Scotia
- Prince Edward Island
- Yukon Territory