As more and more people are choosing to rent instead of buying their own homes, the demand for rental agreements is at an all-time high. A rental agreement is a legal document that outlines the terms and conditions of a rental agreement between a landlord and a tenant. If you`re a landlord in Ontario, you need to ensure that you have a well-written and legally sound rental agreement in place. Luckily, you don`t need to spend a lot of time and money drafting one from scratch. Here`s a simple rental agreement Ontario template to get you started.
Before we dive into the template, here`s a quick overview of what should be included in a rental agreement:
– Names and addresses of both the landlord and tenant
– The address and description of the rental unit
– The length of the lease term
– The amount of rent and when it`s due
– The security deposit amount
– The rules and responsibilities of both parties
– Any restrictions, such as pets or smoking
– The process for renewing or ending the lease
– Signatures of both parties
Now, on to the template:
This Rental Agreement (the “Agreement”) is made and entered into on [insert date] between [insert landlord`s name and address] (“Landlord”) and [insert tenant`s name and address] (“Tenant”) for the rental of the property located at [insert rental property address] (the “Property”).
The term of this Agreement shall be for [insert lease term, such as 12 months] commencing on [insert start date] and ending on [insert end date].
Tenant shall pay to Landlord the monthly rent of [insert rent amount] on the [insert due date] of each month. Rent shall be paid by [insert payment method, such as check or electronic transfer].
Tenant shall pay Landlord a security deposit in the amount of [insert deposit amount] on or before the commencement of the term of this Agreement. The deposit shall be returned to Tenant at the end of the term, provided that Tenant has fulfilled all obligations under this Agreement.
Rules and Responsibilities
Tenant agrees to comply with all rules and regulations of the Property and to keep the Property clean and in good condition. Tenant shall not make any alterations or additions to the Property without Landlord`s prior written consent. Tenant shall not engage in any illegal activity on the Property.
Landlord agrees to maintain the Property in good condition and to make necessary repairs as needed.
Tenant shall not keep any pets on the Property without Landlord`s prior written consent. Tenant shall not smoke on the Property.
Renewal and Termination
This Agreement shall automatically renew for successive terms of [insert renewal term, such as 6 months], unless either party gives written notice of termination at least [insert notice period, such as 30 days] prior to the end of the current term.
Either party may terminate this Agreement upon written notice to the other party for breach of any term of this Agreement.
Landlord: [insert landlord`s signature]
Tenant: [insert tenant`s signature]
By using this simple rental agreement Ontario template, you can ensure that your rental agreement is legally sound and covers all the necessary terms and conditions. Of course, it`s always a good idea to have a lawyer review your rental agreement before using it. Happy renting!