Under “General Information,” the Landlords` Council (LTB) has provided a new web address From marketing and demonstrations to full tenant verification to electronic lease signing – we`ll take care of everything! As of March 1, 2021, all landlords must use the new Ontario Standard Lease for all leases entered into on or after that date. The updated agreement can be downloaded from the Government of Ontario`s Central Forms Repository by clicking here. If the landlord and tenants have made other agreements or promises, these documents must be attached. If both parties sign the lease, it will be kept for the duration of the lease for each party`s personal file. With such seemingly insignificant changes, one may ask, “Why switch to the new lease?” However, not using the standard lease approved by Ontario after March 1, 2021 could allow tenants to break their lease prematurely. The Ontario lease must include the following: www.forms.ssb.gov.on.ca/mbs/ssb/forms/ssbforms.nsf/FormDetail?OpenForm&ACT=RDR&TAB=PROFILE&SRCH=&ENV=WWE&TIT=2229E&NO=047-2229E Before renting an apartment or house, the landlord and tenant want to protect themselves with a legal document. This objective is achieved through a residential lease. This agreement is between the landlord and the tenant(s) in Ontario. It is signed by both parties. Are you preparing to sign a lease? Make sure you know! The main purpose of this contract is to determine the terms of the rent; the sum of the monthly rent payment; the terms of payment of incidental costs; equipment maintenance conditions, etc. The agreement is very important in case of dispute.
The contract must be signed by the landlord and tenant. While the introduction of a standardized lease in 2018 resulted in an entirely new agreement, the recent revisions in March 2021 mean little change from the status quo. Key changes highlighted below: The requirement for sub-measured units to provide new tenants with an electricity consumption form has been removed The approximate time to enter into this agreement is 30 minutes. Section Q “Guests” states that “if a tenant rents the entire unit to someone else, that person is not a `guest`.” Section E “Rent Increases and Reductions” has been updated to reflect rent control exemptions for new buildings after November 15, 2018 Look no further! Our team of experts will be happy to help you make renting your property stress-free. .