If you are planning to rent a residential property in Ontario, Canada, it is important to familiarize yourself with the standard form of lease known as the Residential Tenancy Agreement (RTA) 2018. This lease agreement is compulsory for all new residential tenancies signed on or after April 30, 2018, and it is designed to protect both landlords and tenants.
The new RTA 2018 is more comprehensive than the previous lease agreements, and it includes important information on various aspects of the tenancy agreement such as rent, security deposits, repairs, maintenance, and termination of the lease. The standard form of lease is written in plain language to ensure that tenants can easily understand their rights and obligations.
One of the main benefits of the RTA 2018 is that it prohibits landlords from adding any clauses that may contravene the Residential Tenancies Act of Ontario. This ensures that tenants are not taken advantage of and that they are treated fairly throughout the duration of the lease.
The RTA 2018 also sets out the maximum amount that a landlord can charge for a security deposit, which is equal to one month’s rent. This is to ensure that tenants are not required to pay excessive amounts for security deposits that can be difficult to recover at the end of the lease.
Another significant aspect of the RTA 2018 is the requirement for landlords to include details of all maintenance and repair requirements in the lease agreement. This ensures that tenants are aware of their responsibilities with regards to keeping the property in good condition, and it also outlines the responsibilities of the landlord to carry out any necessary repairs promptly.
The RTA 2018 also includes provisions for rent increases, which cannot exceed the guideline set by the government each year. This protects tenants from unexpected and unreasonable rent increases, and it also gives them peace of mind that their rent will not be substantially increased without warning.
In conclusion, if you are planning to enter into a residential tenancy agreement in Ontario, Canada, it is important to ensure that you are familiar with the standard form of lease known as the Residential Tenancy Agreement (RTA) 2018. This lease agreement is designed to protect both landlords and tenants, and it ensures that all parties are aware of their rights and obligations throughout the duration of the lease.
