The Ontario Standard Lease came into effect on April 30, 2018 and here are four things you need to know as a real estate investor.
The standard lease does not apply to short-term rentals, to mobile homes, or temporary housing.
The landlord is required to provide a copy to the tenant of the signed standard lease within 21 days. If that is not completed, then the tenant has a right to terminate the tenancy with a 60 days notice.
If the tenant was in the rental unit prior to April 30, 2018, then they do not have to use the new standard lease. That is only applicable for all new tenants coming into the rental unit on April 30, 2018 or any day after that.
The Ontario Standard Lease is generic and leaves a lot to interpretation.
The last lease agreement I did for my real estate investor had a schedule that was 14 pages long. Being detailed is key, do not leave anything to chance.
Bonus Tip- If you are a landlord looking to end a tenancy of a tenant, you can issue the N12 form. If you issue the N12 for reason number one, which is you moving in or a direct family moving in, then you have to compensate the tenant with one month rent or find them something equivalent. If you sell your investment property, which is reason two, you do not have to compensate the tenant the one month rent.