You made a decision to rent / lease a condominium, selected a real estate professional to help you with your search and identified your rental criteria, desired location, budged and possession day.What's next?
In a rental situation, when dealing with any Landlord, certain documents will be required to be on hand, usually before viewing a condomninium rental. Having the information ready and available will help save you time and perhaps give you an advantage to begin negotiations of price and terms of your lease before other interested tenants.
Following documents are required by any Landlord:
- Completed Rental Application (you can download a form below)
- Employment Letter or proof of self employment.
- A Reference Letter (personal contact, or current landlord)
- Credit Report. (the landlord will ask for a full copy that indicated a becon score. You can always obtain a consumer report online by visiting www.equifax.ca )
When should you start your condominium search?
Our investment condominium properties are usually vacant and ready to move-in when we place them on the market. So, our Landlords are looking for immediate to 30-day occupancy / possession. With our and other properties, it is usually suffucient enough timing to start your search 40-50 days before your desired move-in day to find your ideal condominium.
Deposits. When should you have it ready?
When your Realtor had negotiated price, all lease terms and occupancy day with the Landlord on your behalf, you will want to secure a property so it is yours while you are waiting for your move-in day. Deposit, traditioanally the first and last month of the rental price, is required to be delivered to the Landlord's agent within 24-hours upon your lease contract is accepted.
Condo Rentals - What is Included?
Usually condominium rentals in Toronto and surrounding areas include all utilities, so the rent is all inclusive.
However, keep in mind, that the new condominium buildings are now instaling separate utility meters, and usage is not included in the Landlord's monthly maintenance fees. Landlords traditionally pay extra for building insurance, property taxes and maintenance fee.
So, don't assume, look closely what utilities are not included.
Tenant Content Insurance - What is it and why you should have it?
Content insurance is required by Landlords nowadays in all rental contracts. Content insurance is virtually a protection of
Tenant's personal belongings in case of any damage, Tenant is protected by this insurance. Keep in mind that Landlord is paying for the building insurance to the condominium corporation.
Condo Facilities - Can Tenant use them?
Many of condominium buildings offer great facilities to the residents which usually include outdoor tennis courts, indoor
swimming pools, exersive rooms, saunas, squash courts and etc. The Landlord is already paying for all the available facilities by way
of the monthly maintenance fee, so these items are usually included in your lease contract. If possible add a clause in your contract
that a key to these facilities be provided to you upon occupancy. If you are already paying for a Gym membership, this might save you some money in the long run.
Pets and Condominium Rentals
Many condominium corporations have strict regulations and by-laws about pet. Ask for a copy of the Condominium Rules
and Regulations if you are told theyy allow pets to confirm the restrictions that are placed on size and numbers of pets.
There maybe other questions that you may have when in rental process. If you select me as your REALTOR, I will not only
provide you with all the pressing answers, but also walk you through the entire rental journey and provide support with any issues
during and after your search.
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