Rental Lease Agreement Renewal Ontario

It depends on the terms of the lease and the applicable law. It is advisable to speak to your tenant 90 days before the lease expires to give you enough time to find a new tenant. Renewal of a lease may require a new contract with certain conditions, signed and dated. If changes have been made to your rental type during your tenant`s tenancy period, the extension may be a good time to update the lease to reflect these changes. I`m writing to give you a head on the rental extension if you`re interested in staying. You don`t need to sign a new lease and your landlord can`t increase the rent by more than 1.8% this year (and only after 90 days of written termination). The lease is expected to expire in accordance with the lease agreement. Always communicate in writing to the owner. If you don`t give the right number of days, you may have to pay for extra months.

If you have to move out of your home before the lease expires, you are still responsible for paying the rent per month until the end of the contract. You are required to inform your landlord of your intention to extend your lease or simply to let it expire and move until the date specified in the lease. The time you have to give this notification varies depending on the province or region, so you need to take the time to know how much time you need to share with your landlord. Many homeowners will send you a reminder that your lease will be completed in a month or two, and they will ask you to inform them of your decision, renew them or not. It is obviously clearer if this is written in the rental agreement, but the LTB is generally less severe. It cannot terminate your lease, except in certain circumstances. Save the match where he says he wants to put it back on the rental market. This will be strong evidence that he claims to want to use the property for something else. If the term of the tenancy ends – usually after 1 year – tenants have three options: According to the Residential Tenancy Act, there is no provision for a landlord to charge a fixed penalty if a tenant cancels a lease before the tenancy period expires.

A landlord`s recourse, when a tenant moves before the end of the tenancy period, is to reduce his loss by finding new tenants […] The law does not require a lessor to provide a copy of the lease to a potential tenant before it is signed; the law only requires the lessor to provide the tenant with a copy of the tenancy agreement within 21 days of signing the tenancy agreement. To find out how the rental extension is done in your province or territory, please contact your provincial/regional office. Your lease will automatically be from month to month under the same conditions as those for which you signed. If you`re wondering whether or not you want to renew a current lease, check out our list of pros and cons and our tips for managing lease extensions. If the end of a lease is imminent, you must make a decision. If the current tenant wants to stay longer, you can choose between renewing a tenancy agreement and looking for another tenant. Finding a new customer can be a tedious and expensive process in which the property is marketed, applications are sorted, the unit displayed and potential tenants controlled. The longer it takes to find a new tenant, the more expensive the process becomes. A landlord and tenant can also work together to find a new occupant, with the intention of granting them the lease. With a vacation, you don`t earn income, but you`re still potentially shelling for a mortgage, utility companies and other expenses.