For Rent

When you use a Realtor to assist you in renting a new home, the process is very similar to that of purchasing a home.  In fact, most of the paperwork is the same except instead of completing an Agreement of Purchase and Sale, an Agreement to Lease is submitted.

Your Realtor will advise you about representation and will ask you to sign a representation agreement.  This is no different than the purchasing process. The Offer to Lease will include clauses, timelines and conditions, also similar to the purchasing process.  Federal Law now also requires you to present Photo ID to your Realtor who will record the information for FINTRAC. 

You will be required to complete a Rental Application, obtain a Letter of Employment from your employer and procure a copy of your Credit File from the credit bureau.  This can be done on-line, for a fee, by visiting www.equifax.ca or www.transunion.ca.  Refrences from previous Landlords will also be required.  The new Landlord may request to meet with you as part of the approval process, too.

Once your offer has been accepted you will be required to submit a deposit.  The deposit is usually your first and last month's rent and must be paid within two days by certified cheque, or a bank draft, (some Landlords may require the deposit sooner).  The deposit is issued to the listing brokerage who holds the amount "in trust" until your move in date.  At times, you will be required to submit a refundable deposit for keys, fobs, remote controls, etc., that will be returned to you upon their surrender at the end of the lease term. 

Many condominium buildings will ask for a damage deposit at the time you book an elevator when moving in and/or out.  This is refunded as long as you have caused no damage to common areas such as hallways and elevators during the moving process. 

If you wish, contact me and I can forward you a sample copy of the offer paperwork.

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