#AskProfEden #RealEstate

Q: I would like to ask, how many copies of the lease contract do we need to prepare?

Prof. Eden Dayrit, REC REA REB: It depends on who needs to have an original copy and if you prefer to have it notarized (tip: you should,) to be safe, prepare 7 original copies.- 1 or 2 copies for the notary public- 1 copy for the landlord- 1 copy for the tenant- 1 or 2 copies for the condo/village admin (if required)- 1 extra copy (for the broker, or for you)

Bonus: Here are 12 Leasing Pro-Tips from #AskProfEden:

1. If property to be leased out is fully furnished, annex the complete list of furnishings and appliances (including brand and model, be specific.)

2. Take a lot of photos of the property before turnover to tenant. Transfer photos immediately (believe me, you’ll forget it… I did once!) to a folder along with soft file of the lease contract and send copies to tenant. This will be useful upon move-out.

3. Prepare an acknowledgment receipt with the breakdown of all post-dated cheques issued by the tenant.

4. Prepare in advance move-in forms and condo/village admin rules and regulations to be given to the tenant before contract signing.

5. It is in your best interest to include the association/homeowner’s dues in the rental rate and pre-pay one (1) year in advance.

6. Include a list of occupants in your lease contract and register with the condo/village admin. Remember, property wear and tear is a direct function of the number of occupants.

7. Sign all pages of the lease contract as acknowledgment of all indicated therein.

8. Asking for two (2) valid government IDs of the tenants is part of your due diligence. Do not skip this step. Include signed ID pages in the lease contract.

9. The amount for security deposit is allotted for repairs and furnishing/appliance replacement. Make sure the tenant understands (and clearly indicated in the contract with tenant’s signature) that it WILL NOT be used for rent.

10. How many months security deposit should you charge? Estimate amount of furnishings/appliances in unit + Estimate amount to repaint or do general cleaning to bring back pre-turnover condition. Round off to the nearest number of months.

11. Advance payments can be applied at the beginning and end of the lease term. Be clear in the contract and cheque breakdown page when advance payments are applied. It is to your best interest to apply a portion of the advance payments at the end of the lease term.

12. Finally, if you want to make sure your unit is well taken cared of (those dreaded photos of trashed properties upon tenant move out comes to mind), offer to throw in a monthly/quarterly general cleaning to be done by your cleaning crew. This is a small cost to pay for your peace of mind.

I hope this helps. Have anything to add? Comment below!
#AskProfEden