Key components to a lease. What you should know before renting out your space.
What should be included in a tenancy agreement/ lease?
When drafting a tenancy agreement/ lease there are some important factors to be kept in mind. This piece will highlight some of the key components and information that could be included in such an agreement.
First of all, it is in your best interest to have a written tenancy agreement rather than an oral agreement as written agreements allow the tribunal to objectively assess the terms of the agreement in case of a conflict. The Landlord and Tenant Board does not provide the tenancy agreement or lease form. Landlords may seek legal assistance prior to drafting a lease. A written tenancy agreement usually includes:
1. Legal name of the landlord
2. Address of the landlord
3. Date tenant can move into rental unit
4. Rent amount
5. The date the rent is to be paid (ie. Specific date of the month/year)
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