Posted on: 21-05-17 14:33:18
Keeping the Common areas as clean as possible.. Such as the Kitchen, the Entrances with in and the Laundry Room and any place that you also use and determine the days and the times also that they should chip in is a must.
The First and the Last is also common in a lease. So, collect the two separate cheques for that and cash them also.
The Common Areas and the Common Kitchen is like a single family unit. I am a little leary about it. Hence a Room Rental enters my mind. You also have control over the stuff within that location or the premise. No MOVING in and out and damaging the walls etc., You might also get in IMMEDIARE occupation, on the spot.
Always include the cost of a lock and a few spare keys that you can always switch with the users, the minute they move out. (Keep your CYLINDERS and the KEYS etc., in a safe location to accomplish all of this)
If they are Students that who are occupying now, ask them where it is that you can post to get students, just as they are leaving. They also know a few that want to enter to keep a 100% occupancy at all times.
Good luck.
FH.
LMC CC MX
Quote:
Originally posted by Fido
What are the advantages of a signed lease in case of a not-legal basement ? Isn't is more risky than an unsigned one as push comes to shove , one can claim short term accommodation arrangement in the absence of a signed lease ? Or are there some things I am unaware of.
The lease agreement primarily act as a deterrent and an advance notification to the tenant against any unlawful act. Plus it establishes the relationship between the tenant and landlord. There is no risk. After the signing, you do not have to submit or register it anywhere. Also signing the lease process gives you opportunity to check the credentials of the tenant and collect their identity etc. For students, I tend to ask a copy of a letter or correspondence from their education institute they might have received in past providing info about their registration etc so that we have their record , which is another deterrent.
When push comes to shove there are number of other applications you need to sign and submit to LTB - landlord and tenant board (please read through the following link) ,
http://www.sjto.gov.on.ca/ltb/help-for-landlords/
Generally, students who are on student visa and are wanting to be PR in future , stay away from any such trouble and abide by the clauses to keep their record clean.
Quote:
Originally posted by Fido
What are the advantages of a signed lease in case of a not-legal basement ? Isn't is more risky than an unsigned one as push comes to shove , one can claim short term accommodation arrangement in the absence of a signed lease ? Or are there some things I am unaware of.
Legal or Non-Legal has nothing to do with the tenant or lease. That's more to do with City By-Laws, House Insurance purpose, Property tax, Fire Code . A totally separate issue.
If you don't have a lease and they don't move out, what are you going to do ? They can claim that they have paid you rent in cash for 1 year and there is nothing you can do to prove otherwise.
They can also say that you forced them to pay rent in cash and YOU didn't want a lease as you didn't want to show that as rental income to the tax man - CRA.
Evicting a bad tenant in GTA is hard enough WITH a lease, so without a lease will be a nightmare.
Be familiar with the Land Tenant Board - LTB and all the processes, documents and forms, beforehand. So any issue comes up, you already know what to do. Be proactive and stay one step ahead of the tenants, so they know you mean business and won't tolerate any Shenanigans.
Come across as a Professional landlord and don't tell them that you are a rookie renting your basement for the first time, they will take advantage of them. Don't divulge too much information about you and the property. Keep it strictly professional and business like.
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I am a Mens and not a Womens.
Quote:
Originally posted by Full House
(Keep your CYLINDERS and the KEYS etc., in a safe location to accomplish all of this)
Thanks all - BPF /SH / IC for your advice. I shall closely follow them.
- Thanks to you Sir as well for your suggestions which extend the leasing thoughts further. As always , a part of your post goes above my head and I have to come back for a clarification
When you mention cylinders - you are referring to the lock cylinders I believe. I also know that locks can be re keyed by lock smith.
However isn't cylinder a part of the lock itself ? How can we keep the cylinders safe in a different location ? Kindly enlighten me on this.
Thanks.
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Fido.
Check their Social Media profiles too - FB and LinkedIn.
You will be surprised the crap they post there and expose themselves.
I know a guy in India whose house was raided by Income Tax professionals solely based on the show off he used to do on FB. That's the only way they came to know of his assets !
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I am a Mens and not a Womens.
With these locks and keys, the place that I occupy is still in the old system of things and I am still into cylinders and keys for our entry.
We have THREE entries to our place. One - The front entry. The second the side entry. The third the entry through the GARAGE. I wanted just one key to get to use on all the three doors. Having Glass for panels on Two of the doors, which brightens the door way, I got into the risk of exposing myself for break and entry. So, I introduced DEAD BOLTS into them. Now all of the cylinders operate with just ONE KEY.
The DEAD Bolt that I have introduced in my doors needs A KEY to open the door from BOTH THE SIDES OF THE DOOR.
So, I was able to introduce myself to the Locks with CYLINDERS and KEYS. Now I know a lot more about them and given a chance, I can also perform a locksmiths job. That is for another day.
I also cut my own keys at Walmart Key cutting stations. (For the Cars and also for the doors.)
http://www.mrkeyman.com/high-security-locks.html
FH.
LMC CC MX
https://www.google.com.mx/search?q=Lock+exploded+view?&tbm=isch&imgil=7cl5Bre2Wqd43M%253A%253Bpl_p3x3N1VyGEM%253Bhttp%25253A%25252F%25252Fwww.mrkeyman.com%25252Fhigh-security-locks.html&source=iu&pf=m&fir=7cl5Bre2Wqd43M%253A%252Cpl_p3x3N1VyGEM%252C_&usg=__7Rn_vhsIA9yolQqeEzDRmwkk7Ys%3D&biw=1440&bih=789&ved=0ahUKEwiygtfLxIbUAhXHxVQKHeJOBHcQyjcILQ&ei=wHAkWbKiIMeL0wLinZG4Bw#imgdii=47oNaHn2r2s5TM:&imgrc=7cl5Bre2Wqd43M:
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Quote:
Originally posted by Fido
Quote:
Originally posted by Full House
(Keep your CYLINDERS and the KEYS etc., in a safe location to accomplish all of this)
Thanks all - BPF /SH / IC for your advice. I shall closely follow them.
- Thanks to you Sir as well for your suggestions which extend the leasing thoughts further. As always , a part of your post goes above my head and I have to come back for a clarification
When you mention cylinders - you are referring to the lock cylinders I believe. I also know that locks can be re keyed by lock smith.
However isn't cylinder a part of the lock itself ? How can we keep the cylinders safe in a different location ? Kindly enlighten me on this.
Thanks.
Guys,
I am getting interest from potential renters .. Being the first time, unsure about something -
Should I require the SIN mandatory or make do with supplied credit report from Equifax / Trans Union.
Also 1st & last being good, should I insist on post dated cheques for the remaining months as some people express that they wish to do cash / email transfers.
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Fido.
