Lease Extension

[ekisielewski]

My tenant would like to extend his 12 month lease for another 6 months. This is ok with me. But, I am wondering what kind of paperwork is required?

If I draw a new lease will agents expect a commission?

Thank you for your help
Elisabet Kisielewski
Oakville - Ontario

 

[Ready4Rent]

QUOTE (ekisielewski @ Nov 11 2008, 08:55 AM) My tenant would like to extend his 12 month lease for another 6 months. This is ok with me. But, I am wondering what kind of paperwork is required?

If I draw a new lease will agents expect a commission?

Thank you for your help
Elisabet Kisielewski
Oakville - Ontario

If the property is in Ontario, no new lease is required. Once the lease expires the tenant goes to a month to month with the same conditions as the current lease.

John

 

[RCC]

QUOTE (Ready4Rent @ Nov 11 2008, 04:13 PM) If the property is in Ontario, no new lease is required. Once the lease expires the tenant goes to a month to month with the same conditions as the current lease.

John


I have a tenant in similar situation. They are willing to extend for another year so I can lock them in for another year rather than go month to month. Is there a form for this or do I need to signa new one year lease?

 

[housingrental]

New lease

 

[RCC]

I have a one year lease which is switching to a month to month. In the last month of the lease, do I apply the last month`s rent deposit that I have on hand or do I request an aadditional payment?
The property is in Ontario.

 

[invst4profit]

The rent deposit is held for the last month they occupy the unit. If the unit is sold at some point in the future and the tenant is still there the deposit is passed to the next owner.

If you are new at the business in Ontario you should be studying the RTA. You will need it.

 

[realfortin]

QUOTE (invst4profit @ Mar 12 2009, 05:15 AM) If you are new at the business in Ontario you should be studying the RTA. You will need it.
This is a good website to help suffering (all) Ontario landlords:

http://www.landlordselfhelp.com/intro.htm

 

[invst4profit]

http://forums.canadianbusiness.com/forum.j...=16&start=0

or

http://members7.boardhost.com/Landlordonta...html?1236648478

(I am not in any way personally involved in the administration of this site.)

This is a new site starting up to assist and support landlords in Ontario.
It is still in it`s test stages but if successful may be very helpful.
There are a number of very seasoned landlords involved as well as landlord
activists and legal aid specialists.
Be patient it is a bit rough at this time.

As most landlords in Ontario know the government, through the RTA and LTB, is biased in favour
of tenant issues and Ontario landlords are generally on the losing end of disputes (financially).

Hopefully things can be improved.

 

[BarryMcGuire]

In Alberta , like Ontario, if the lease expires and is not renewed, the lease goes to a month to month. You are now caught by the provisions of the AB Residential Tenancies Act with respect to notice to vacate. You have to fit in one of the narrow categories in order to give your tenant notice to vacate . A lease is over on its maturity date and if you don`t want to renew, this gives you control of the situation. If you want to maintain some control on when your tenant has to leave and other lease issues, make sure you diarize to review the lease well before its expiry date. Consider whether you want to renew and on what terms, discuss with your tenant at least a couple of weeks before expiry date if appropriate. Even tho you don`t have to give them notice of expiry, I think it is prudent to do so and to move the lease renewal issues in the direction you want them to go.

Cheers and hope this helps
Barry

 

[mrembecki]

QUOTE (BarryMcGuire @ Mar 12 2009, 02:32 PM) In Alberta , like Ontario, if the lease expires and is not renewed, the lease goes to a month to month. You are now caught by the provisions of the AB Residential Tenancies Act with respect to notice to vacate. You have to fit in one of the narrow categories in order to give your tenant notice to vacate . A lease is over on its maturity date and if you don`t want to renew, this gives you control of the situation. If you want to maintain some control on when your tenant has to leave and other lease issues, make sure you diarize to review the lease well before its expiry date. Consider whether you want to renew and on what terms, discuss with your tenant at least a couple of weeks before expiry date if appropriate. Even tho you don`t have to give them notice of expiry, I think it is prudent to do so and to move the lease renewal issues in the direction you want them to go.

Cheers and hope this helps
Barry

What if in the original lease agreement, there was a clause stating that the tenant has the option to extend for another 12 months. If the tenant chooses to do so, I`m assuming that the same oringinal lease contract remains valid. Am I correct in this assumption? Thanks Kindly, Marty.

 

[RobMacdonald]

You should get the tenant to sign an acknowledgement that the lease is being rolled over to month to month at the current rent. Or if you`ve increased the rent, get them to sign to acknowledge. I`m finding more lenders are getting picky about expired leases, and are not just accepting the provision that the lease is now month to month.

Saves having to chase a tenant down for it later.