Understanding These Rental Agreements

Understanding These Rental Agreements

Rental agreement terms are the most crucial part of a rental property. Either a landlord or a tenant, both have to look that the agreement is made correctly and doesn’t violate or leave out any crucial term. The rental agreement terms should be acceptable by the tenants. You should go through the agreement thoroughly and understand the rental agreement terms. The terms are not much difficult to understand, whether it is in Edmonton or anywhere else. After reading this post, you will get clarification on the rental agreement terms.

Duration Period

The duration period in the rental agreement tells the amount of duration for which the tenant will be renting the property. Usually, the duration period for rental property is twelve months. In this duration of twelve months, the landlord is not allowed to increase the rent of the property. You or the landlord cannot terminate the lease agreement without prior notice, but if you or the landlord do so, then you can land in legal trouble. So if the tenant or the landlord has to terminate the lease, then giving prior notice is essential.

Rent Payment

This section includes every rent-related information of the property. It will include the base rent for the property, then how much deposit you have to pay and also any extra charges for services like parking, storage locker or any other service. It will also include the information about when you need to pay the rent, whom you need to pay the rent, what payment methods are applicable, and administrative charges if any financial institution returns the cheque.

Services and Utilities

In this section, the services and utilities that are offered to the tenants by the landlord are stated. The services and utilities are differentiated. It will be mentioned which services are provided under the base rent, and which are provided after paying extra charges. The landlord and the tenant can also come to an agreement of adding a service in exchange for which the rent will be increased. Also, it is stated who is responsible for which services and utilities in this section.

Forfeiture

In the rental agreement terms, there would be stated the rules and regulations of staying at the rental property. The rules and laws are not only applicable to the tenant, but also to the landlord. The section will describe the rules and regulations that can lead to eviction from the property. Understand the rules that you and the landlord are bound to follow.

Reading the rental agreement terms may not be something of your interest. But it is indeed something that makes you aware of your rights and obligations. No matter what, always go through rental agreement terms properly. If you are finding the perfect rental home in Edmonton, then get in touch with us.

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