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Monday, December 28, 2009

Landlord Series - Tenancy Agreements (Part 1)

The Landlord Series are various tips to help the owner of a property become a better and more informed landlord.

In this series we explain the Tenancy Agreement (part 1).

What is a Tenancy Agreement? It is commonly referred to as a "Lease" by most people. The term "Tenancy Agreement" is one that is normally used by the Residential Tenancies Branch. they define a Tenancy Agreement as:

"an agreement may be written, oral or implied. It sets out the conditions or basic rules of the tenancy"

Let's examine each of the following terms:

(1) Written Tenancy Agreement

- this is a specific form signed by both the tenant and the landlord and specifies basic terms and conditions about the tenancy (i.e. amount of rent, who pays certain utilities, parking, etc.)

(2) Oral Tenancy Agreement

- a tenancy based on an oral offer and acceptance to rent a unit. The terms and conditions are not put in writing, and this is most commonly a month-to-month agreement

(3) Implied Tenancy Agreement

- a tenancy formed when certain actions are performed (i.e. a tenant paying rent and a landlord accepting rent).

This form of an agreement is surprising to most landlords. If there is no tenancy agreement in place, but the tenant has been paying $300 for rent and you have been accepting it, there could be an implied lease that says the tenant is on a month-to-month agreement for $300 even though the actual rent is $600!

Stay tuned for Part 2 where we further explain pros and cons for the above types of leases.

Got questions? Email us at owners@garamark.net
Garamark Property Management is located in Winnipeg, Manitoba and successfully balances protecting the investment of an owner and retaining happy tenants.
www.garamarkpropertymanagement.ca

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