Hey there my name is Mark Saville. I'm a realtor with sage real estate and a blogger over Toronto living's calm. If you haven't heard yet, the Ontario government is bringing big changes to the way we sell properties in the province. In this video, I'm going to dive right into it. I'm going to tell you what these new changes mean and how they will affect you. Alrighty? So I got in my hand here the newly released residential tenancy agreement form. This is something you've probably never seen before, but should get used to very quickly. Because this will be the only form allowed to use to do residential leases in Ontario after April 30th, 2018, all rentals will have to be done on these forms. If you haven't yet seen it, I have a link in the description below where you can download one from the Ontario government's website. Let's get into this. The reality is, the system we were using is flawed. There is all different types of contracts out there full of different conditions and clauses and terms, and it's a really convoluted system. We have. And I don't think a lot of people were getting burned because there was no regulation. So the Ontario government, as part of the Ontario fair housing plan, made it a point of releasing one standardized mandatory form written in plain simple language. Now I've read this about 10-15 times already, and I have to say in the beginning I was a little hesitant. I mean nobody likes hearing that the government is drafting up mandatory contracts that everyone's supposed to use. I mean I've been a realtor for a decade, what does the government know that I don't know that they can do better than me right? That's kind of...
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About Ontario Residential Lease Agreement
An Ontario residential lease agreement is a legal contract used to establish the terms and conditions of a rental agreement between a landlord and a tenant. It outlines the specific details of the tenancy, including the rent amount, the length of the lease, the security deposit, the rights and obligations of both parties, and other important legal clauses. Anyone who is renting or leasing a residential property in Ontario needs a residential lease agreement. This includes landlords and tenants who are entering into a rental agreement for a house, apartment, condominium, or other type of residential property. The lease agreement is designed to protect the rights and interests of both parties and to ensure that the tenancy is conducted in a fair and respectful manner. It is a legally binding document that can be used as evidence in court if any disputes arise between the landlord and the tenant.
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