Landlord

All the landlords who have rented their house and been involved in real state matters have probably faced a tenant issue. We always hear a lot of complaints from landlords about problems which an annoying tenant has caused. They typically rent their property to a bad tenant accidentally and have no background information. If you live in Ontario and want to rent your property, It is always best to contact a Toronto paralegal firm and consult with a professional paralegal before signing any landlord-tenant agreement.

Generally, there have always been a lot of problems between landlords and tenants. If a landlord can select the right tenant, he or she will prevent many of these obstacles. This is the key to success in real estate rental businesses for landlords. A bad tenant can leave many unpaid bills for clean-up and repairs or damage to the property. Unfortunately, most insurance companies do not cover the area or have strict rules that make the compensation payments challenging to receive.

How to Evaluate Your Potential Tenant?

As every paralegal notes, certified documents always help you have a successful business. You must be clear about both parties’ responsibilities and rights. Renting a property without checking the required documents is risky, and in case of a problem, the landlord can’t refer to certifications and documents.

Consider Rental Application Form

This is an essential part of any real estate business. A comprehensive rental application form contains:

  • tenant’s job
  • his or her income
  • The current tenant address
  • Landlord references
  • Government-issued identification
  • Kin and family members
  • Any information related to the whole process
  • This information helps a landlord have a better understanding of the tenant.

Landlord

Move-In Inspection Report

Many landlords underestimate the move-in inspection report’s importance, while it is the second most essential item in the landlord-tenant relationship.

Completing a move-in report is an obligatory action before a tenancy in some provinces. This report clarifies the property’s condition, and when the tenant wants to leave, the landlord can estimate all damages to the house. When writing a move-in inspection report, get help from an experienced landlord-tenant paralegal.

Residential Tenancy Agreement

As its name shows, a residential tenancy is a kind of agreement that clears the working relationship between the tenant and landlord. You can consult with a professional paralegal to determine the essential items. However, it’s better to consider every possible detail in your residential tenancy agreement. Some landlords only refer to a free online residential tenancy document, but it definitely wouldn’t be enough and doesn’t cover both parties’ interests.

There should be some carbon copies of the main agreement for the landlord and tenant both, and each will fill in the required information fields such as name and current address.

Information Verification in A Rental Application

Property managers and landlords usually use the rental application form to gain detailed information from potential tenants. The information form lets the landlord determine if the person going to rent the house is a responsible one. In this way, the landlord can decide to whom he can rent his property.

Some renters may try not to include all the required information or give false information, so the landlord should inquire about the potential tenant’s written information. Consult a landlord-tenant paralegal to get the best result and prevent problems from happening.