Protect Your Rental Business By Adding The Top 100 Key Clauses to the Ontario Standard Lease Recommended by Experienced & Success Ontario Landlords & Property Managers. This is “VITAL” for Ontario Landlords in 2020!
We wrote before about the fact that as of April 30th, 2018 Ontario Landlords have to use a government created “Ontario Standard Lease” when you rent to new tenants. The Ontario government created a new lease that landlords much use after tenant activists accused landlords of using illegal clauses in leases and creating a “wild west” environment.
You can download the Ontario Standard Lease here
Experienced and Successful Landlords And Property Managers Agree ‘The Standard Lease Doesn’t Protect Us’
The Ontario Standard Lease tries to please everyone but in reality puts small Ontario landlords at risk for big problems and huge financial losses. Actually, it is a very dangerous document. Some tenants activists are calling it a “Renter’s Dream“. Many experienced Ontario landlords are calling it a Landlord’s Nightmare.
Why Is the Ontario Standard Lease Dangerous for Landlords?
It only requires the most basic information from tenants and the majority of the information in the document is about “tenant rights” and how tenants can protect themselves. But the cupboard is bare when it comes for protections for landlords. This lack of required information leaves landlords wide-open to lots of problems during and after a tenancy. So while the premier says it will cut down on landlord and tenant disputes it will do the opposite. This is what happens when people who have good motives don’t have any experience and cause more harm than good!
So How Can Landlords Protect Ourselves?
Let’s face it, the government is all about “protecting tenants” and not worried about us “rich” landlords and property investors. Yes, they view us small landlords this way. We know we are just trying to invest for our retirement, we face huge cost increases for things like insurance, water, and power and most of us are trying to cover our mortgages every month.
You need to ACT to protect your rental business in this extreme “anti-landlord” environment….and here is how.
The “Additional Terms” Part of the Standard Lease (Go to Part 15, Page 6)
In this section you and your tenant are allowed to agree on things in an “attached form”.
Ontario Landlords Association members lobbied hard to include this in the Ontario Standard Lease.
And some tenant activists are very unhappy about the fact we got this included to help Ontario Landlords.
What About Landlords Who Include Illegal Clauses?
The reality of the situation is smart landlords will avoid illegal terms such as requiring the tenant to pay for all repairs for the rental. It’s silly to even think about adding them as good tenants will not want to rent from you or you will simply lose any change at the LTB.
It is important for new landlords to understand you cannot add clauses that do not follow the Residential Tenancies Act.
For example, you cannot add things to the lease such as:
a) Demand a damage deposit
b) Financial penalties on late rent
c) Controlling who can visit the rental and who can’t
d) Forcing tenants to move out on a certain date
e) Making tenants responsible for maintenance repairs
Experienced and Successful Landlords and Property Managers Understand the Art of Successful Tenancies
Listen to the advice of experienced and successful landlords and pro landlords. We have been “in the trenches” and know “what works in reality.” We are actually in the “renting to tenants business” and have a “stake in being successful with our tenants.
Non-landlords with no experience might tell you to put in a billion clauses in the lease because they aren’t aware if you do that as a landlord you will turn off potential tenants. Good tenants have lots of choices and you don’t want to turn them away.
Experienced and successful Ontario landlords know you need a balance:
1. Protect Your Rental Business
Take the additional clauses you can put in super seriously because if you don’t you are not protected
2. Don’t Scare Off Good Tenants
Non-landlords like to lecture us and act as ‘experts’ but are unaware of the realities we face. Good tenants are often scared off by landlords with 30 page leases and simply won’t rent from you if you demand this. So only add the “most vital clauses” that protect you and don’t scare good tenant applicants.
3. Prepare For Potential Problems
These vital clauses will prepare you for any future problems.
4. Protect Yourself From Tenant vs.Tenant Fights
If you own a multi-unit property you need to add vital clauses to make things clear and avoid future issues.
5. Get Ready In Case You Have to Go To Small Claims Court
When tenants move out and left damages or owed rent you will have to go to Ontario Small Claims Court.
Many OLA members have been to Small Claims Court and they say Judges want to see things clearly spelled out in your lease (if you want to win and not lose)
Add the “Vital” Clauses to Protect Your Rental Business, While Also Don’t Scare Good Tenants
We’ve been in the trenches and know what works and what doesn’t. Just adding a ton of clauses will turn off potential good tenants and you need to focus on VITAL ADDITIONAL CLAUSES and not just the ‘everything and the kitchen sink’ that non-landlords will try to market to you.
For example, learn how you can be proactive to deal with potential issues.
GET THE TOP 100 CLAUSES YOU NEED TO PROTECT YOURSELF WITH THE ONTARIO STANDARD LEASE
This is a huge issue, especially with marijuana legalization coming. How can your protect your rental property. Get the clauses you need!
2. Fire Safety
What about smoke alarms and carbon monoxide detectors? ? What about other fire safety issues? You need to make the rules CLEAR in your lease to avoid seriously problems later on.
3. Tenant vs. Tenant Problems
Experienced landlords say if you own a multiplex on of the biggest problems is tenants fighting other tenants in the rental. Make sure you protect yourself and make things crystal clear from Day 1!
4. N.S. Fees
Tenants need to know the rules you have set for your rental property.
This is vital as you need to make things clear and avoid problems with the Landlord and Tenant Board.
6. Move Out Procedures
So what happens when the tenants leave? You need to be careful to avoid tenants who leave behind huge damages and a big mess.
While a no pets clause are not enforceable you need to spell out the rules for pet owning tenants.
Another huge issue regarding liability. Protect yourself with vital clauses to your lease.
If you provide laundry you need to make the rules clear. If the laundry is shared it becomes even more important to lay down the rules!
Experienced and successful landlords know that if you don’t deal with the parking issue right off the bat it can become a huge headache. So add these clauses to avoid problems and have a successful rental business.
11. Lots More
And there are lots more. Remember, these are clauses that are important, yet make sense and won’t scare away your good tenants…
Get our CD (and written documents) On Important Clauses For Only a Low One Time Fee
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We are working hard to help you succeed. We are all small landlords just like you! We’ve been in the trenches and succeed and we are on your side!
The Ontario Standard Lease is not only inadequate…it’s dangerous! Network with pros who are actually landlords and share tips and strategies on how to protect your rental business. Add 100 Key Clauses To the Ontario Standard Lease to Protect Your Rental Property and Your Investment!