Residential Tenancy Agreement 2018

By: Nataliya Kolydchak

Residential Tenancy Agreement 2018

Tags: Rent, homes, Toronto, condos, detached, semi-detached, househunting, lease, for lease, for rent, landlord, tenant, condos for lease, homes for lease

All residential lease documents signed on or after April 30th, 2018 that are used by a landlord must be the new standardized lease.
 
This includes single and semi-detached houses, apartment buildings, rented condos and secondary units.
 
Over the past year, OREA’s Government Relations team lobbied hard to makes sure this standardized lease wasn’t a straitjacket on landlords and REALTORS®.
 
Specifically, OREA lobbied officials to ensure that the new lease would not limit a landlord’s ability to include their own terms in the agreement.
 
Thanks to your OREA's work, the Government included an “additional items” section which provides flexibility to both landlords and tenants.
 
As of April 30th, 2018, when you search for a place to rent in Ontario using a licensed REALTOR, you will be presented with the two forms: new updated OREA from for lease and the NEW STANDARDIZED LEASE.

The revised Residential Tenancies Act makes it mandatory to have an executed government Standard Lease template. Form #400 can only be used to set up the terms and the Standard Lease template must be used to formalize the actual lease.
 
If you have been contemplating a move it would be a good idea to start familiarizing yourself with these forms. Start here at Residential Tenancy Agreement, and call us at 416-831-7114 and our team will help you navigate Toronto Rental Market.

www.nataliyakolydchak.com