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Wednesday, December 30, 2009

Landlord Series - Tenancy Agreements (part 2)

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 2).

In part 1 we defined the different types of tenancy agreements (http://www.garamarkpropertymanagement.ca/news/2009/12/landlord-series-tenancy-agreements-part.htm)

Today we are going to explain the pros and cons.

Why even have a tenancy agreement? Sounds like a lot of work, more paperwork, extra things to give your tenants, etc. In the previous post we talked about the implied lease. If RTB is willing to take the "actions" of collecting rent (and accepting rent) as a lease that should be reason enough to get something on paper with your tenant!

Other, more obvious reasons are:

(1) To avoid disputes about who pays the utilities, insurance, property tax, etc.
(2) To clearly define how much a tenant is supposed to be paying for renting their unit
(3) To clearly define who should be living in the unit
(4) To distinguish between an occupant (i.e. someone allowed to live there) and the tenant (i.e. the person or parties responsible for paying rent
(5) To define the appliances included in the rent
(6) To specify any pet policies
(7) To specify any furniture included in the rent
(8) To define pretty well anything for the duration of that tenancy

All of these reasons for having a lease will protect you in the event there is a dispute and you have to appear before the RTB.

What are the cons? There really are none, unless you count things like wasting paper or the time used in creating a lease (or reading this post to learn about leases!)

Stay tuned in part 3, where we talk about length of Tenancy Agreements

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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