Love Thy Contracts
Get it in writing!
Looking at the ins and outs of residential and commercial lease agreements
If I had a nickel for every time an investor rented a property without a lease, I would have about $2.85!! It simply happens too often.
A solid lease agreement is the basic foundation to protecting and securing an investor landlord against possible financial shortfalls from bad tenants.
Leases can be basic or complex and must follow the Residential Tenancy Act. Did you know that a no-pet clause in a lease agreement is invalid? Did you know that you cannot prevent someone from smoking in their unit? Did you know that a landlord cannot require rent to be paid by post-dated cheques? Many rookie investors make substantial errors when drafting lease agreements and caution must be considered. The Landlord and Tenant Board routinely favours tenants against unknowledgeable landlords.
If you ever have any questions about lease agreements, any at all, please don’t be shy. Give me a call or send me a text or email. I am always willing to chat real estate over a cold beer or strong coffee.