Hi,

I heard that many unfurnished apartments are rented out on a 1 year lease term. If we buy a house during the period, normally, what are the conditions to break the lease?

Thanks.

It entirely depends on what your lease agreement says. When I rented an apartment for four years, I had a clause which said that I can break the lease anytime by giving two months notice or rent for two months in lieu of that.

However, that might be possible only with individual landlords - not those buildings where the whole building is owned/managed by one private company.

By the way Raajen, I have been expecting your call in the evenings.

Chandresh

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Chandresh

Advice is free – lessons I charge for!!

Hi Chandresh,

Thanks.

I'll send u a PM.

Got your PM.

No I am not talking about basement apts since I have never lived in one. My experience was in a high class condo in Thornhill - rather a rich area in GTA.

I am sure if someone is wise enough, he will negotiate the lease to read as such ab-initio. Infact, I had to put in this clause in the regular printed lease agreement - but that was after discussing the point with and landlord (and we got only 15-20 minutes to do that since this was a very sought after condo and there were already two families wanting to view the apt by the time we came out after viewing).

When I finally left that apt. I gave the required 60 days notice, and paid only for one month after the notice since the last month was paid for.

Chandresh

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Chandresh

Advice is free – lessons I charge for!!

Hi,

Is it possible to get similar ones in Mississauga area?

Thanks.

Hi Raajen,

There is no law on the duration of the lease except for that whatever term is agreed upon at the time of leasing the apartment, that must be respected. By law, you are supposed to give a minimum of 60 day notice to prior toending any lease. However, bear in mind that the lease cannot be UNILATERALLY terminated by either party prior to the date agreed upon in the lease document. Landlords usually prefer one year lease or more and it depends entirely on them to accept short term lease. My experience is that Landord will sometimes agree to short term lease if the rent offered is somewhat higher than the usual rent or if the landlord is desperate to find a tenant.

Hope this is of some help.

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Rajeev Narula, Broker, REALTOR®
ACE TEAM REALTY INC., Brokerage
10 Kingsbridge Garden Circle, Suite 704
(Opp Square One - HWY10/403)
Mississauga, ON L5R 3K6
Bus: 1-888-355-3155 Ext. 300
Fax: 1-888-443-3155
Email:
Web: http://www.RAJEEV.ca" rel="nofollow">LINK

Hi,

Thanks for your reply.

Mostly, we are moving to Mississauga next month. Looking for an apartment for short term lease in a good neighborhood school(until June, the academic year ends). In summer, we are planning have our own house.

By the way, is it possible to get a lower interest rate if we have a perm. job and good US credit history?