03/18/2023
Hi, Mojgan here!
Here is a question I often hear from my landlord clients.
Do I have to sign a Standard form of Lease?
Short answer...Yes!
In Ontario, most residential landlords are required to use the Residential Tenancy Agreement (RTA) also known as the Standard Form of Lease for all new leases. It applies to most residential tenancies in Ontario (ie, condos, basement apartments, houses-single and semis, etc).
It gives landlords and tenants clarity on their rights and obligations and to eliminate misunderstandings and illegal clauses in lease.
The use of the Standard Lease Agreement is mandatory for all applicable tenancies. Once itβs completed and signed, it is a legally binding agreement.
If tenants sign a lease that does not use the Standard Lease Form, they can request one in writing from their landlord. The landlord has up to 21 days to provide it. Tenants can hold back one monthβs rent (not more) if a landlord fails to provide the Standard Lease within 21 days after their written request. If they still donβt receive it, they can end their fixed-term lease early.
If you are fully informed and prepared, renting out your home can be a great source of income, as it can help you pay down debt or to save money. If you are a homeowner and are considering renting out your home/ investment property, reach out to see how my team and I can help you.
