Residential Tenancy Agreement Ontario 2016: All You Need to Know
A residential tenancy agreement is a legal contract that outlines the terms and conditions of a rental agreement between a landlord and tenant. In Ontario, the Residential Tenancies Act governs the rights and obligations of landlords and tenants in regards to residential tenancies. As of April 30, 2018, the province introduced a new standard residential tenancy agreement form that landlords must use when entering into new tenancy agreements.
So, what do landlords and tenants need to know about the new Residential Tenancy Agreement Ontario 2016? Here are some key points to consider:
1. Mandatory Use
As mentioned, the new standard form of lease is mandatory for all new tenancy agreements signed on or after April 30, 2018. This means that landlords cannot use their own custom-made lease agreement or a previous version of the standard lease form to enter into a new tenancy agreement. The new standard lease form is designed to be easy to understand, and it includes all of the important terms that are required by law.
2. Lease Terms
The new standard lease form is designed to provide more clarity to both landlords and tenants about the terms of their rental agreement. It includes key information such as the rent amount, payment due dates, and the duration of the lease. The lease terms also outline the responsibilities of both the landlord and tenant, such as maintenance obligations and rules around pets.
3. Rent Increases
The new standard lease form also includes information about how rent increases are calculated and when they can be applied. In Ontario, landlords can only increase rent once every 12 months, and the maximum increase amount is determined by the government. This information is important for tenants to know as it can help them budget for their living expenses.
4. Additional Terms
While the new standard lease form includes all of the important terms that are required by law, landlords and tenants are allowed to add additional terms to their rental agreement as long as they do not conflict with any of the terms outlined in the standard lease form. This is important for landlords who want to include specific rules or requirements for their rental property.
5. Tenant Protection
The new standard lease form is designed to provide additional protection for tenants. It includes clauses that prevent landlords from including illegal terms in their rental agreements, and it requires landlords to disclose important information about the rental property such as whether there have been any previous pest infestations or other health hazards.
In conclusion, the new standard Residential Tenancy Agreement Ontario 2016 is an important development in the province`s efforts to protect both landlords and tenants. By using this form, landlords can ensure that their rental agreements are in compliance with the law, while tenants can be confident that they are provided with important information and protections. If you are a landlord or tenant in Ontario, it is important to familiarize yourself with this new standard form of lease and to ensure that it is used in any new tenancy agreements.