First Last Months Rent

[CollegeRentals]

As a relatively new investor, I`m coming up on the end of the first lease for one of my properties. The tenants signed onto a 12-month lease agreement, and intend to sign another agreement to stay on for 12 additional months.

My question is Ontario specific - Can I charge these tenants First & Last months rent again when signing the new lease?

I want to charge First & Last months again for my own protection, however, I`m unsure of the legal/LTB ramifications of doing so. Any advice is always apprecaited!


Cameron

 

[invst4profit]

Assuming you apply there present last months rent to the actual last month of there present lease then you can if you wish start again with a new lease collecting the next months rent owing and another last month rent but what is the point.Generally a LL holds on the the last months rent until the tenant decides to move out.

You should also be aware that in Ontario a tenants lease automatically becomes month to month at the end of that lease. The tenant must voluntarily agree to a new lease a LL can not force them to sign a new lease nor can they be evicted at the end of a lease without cause.
In Ontario it is customary to go month to month at the end of a lease.


http://www.e-laws.gov.on.ca/html/statutes/...tes_06r17_e.htm

As a new LL you should be studying the RTA if you have not already.

Good luck.

 

[housingrental]

Yes if they agree
If not they don`t have to
Re Greg above they don`t have to sign a lease and can just stay on

 

[CollegeRentals]

QUOTE (housingrental @ Jan 12 2010, 09:54 PM) Yes if they agree
If not they don`t have to
Re Greg above they don`t have to sign a lease and can just stay on


Thanks for the advice - I am going to ask to sign another Lease and get another First & Last months rent from the tenants. We`ll see what happens.


Cheers,
Cam

 

[invst4profit]

Why?

 

[housingrental]

Income certainty
Greg renting a student property for a March start date isn`t fun!