When To Sign Rental Agreement

Listen to the Housing Horror Stories episode of our podcast to find out how signing a joint lease came back to bite one of us into the 🍑. After weeks (or months) of searching, you`ve finally found the perfect apartment to call home – congratulations! You might be tempted to skim the details of your lease and sign on the dotted line. Before you do that, learn what to look for in a lease, no matter what part of Canada you live in. A lease is a big financial commitment. You want to make sure that you understand what you are committing to and that you are comfortable with it. If you live in a province with a standard lease like Ontario, we recommend comparing your lease with it to make sure your bases are covered. Consider this anecdote from the Washington Post: A couple of landlords sent a lease to potential tenants to sign. The landlords sent the lease after signing it herself, but encountered radio silence from potential tenants. Since they had already signed the lease, they simply waited for a response from the tenants, but didn`t hear anything.

Meanwhile, they couldn`t just rent the property to another applicant because the original tenants could appear with the original lease signed. While the couple waited, the property remained uninhabited and received no rental income. If the couple had sent an unsigned copy, they could have rented the property to another party, as a lease would not be valid without the owner`s signature. Especially in urban areas where space is scarce, parking conflicts can cause headaches for many tenants. You need to know how many vehicles you can park in a driveway or parking lot.