Hey everyone, Bradley here, tuning in with another video. Today, I want to talk about a standard lease that will be available as of April 30th. In Ontario, everyone planning to rent a unit must use this document. Failure to do so can result in fines of up to twenty-five thousand dollars for individuals and up to one hundred thousand dollars for corporations. So, it's a pretty big deal. But before I dive into some surprising discoveries, I want to give you guys a chance to guess where I'm currently filming from. This is hands-down my favorite lookout spot in the city of Toronto. You can see the beautiful CN Tower right here. Leave your guesses in the comments below. Now, let's talk about some of the shocking things I found in the lease. First off, let's discuss assignments. If you've never heard of this term before, it basically means that if a tenant decides to move out and wants to replace themselves with another tenant, they are legally allowed to do so. The landlord is not allowed to unreasonably restrict them. So, cooperation is key here. Get ready to see more tenant replacements happening. Did you know that you can actually request a rent reduction if property taxes decrease by 2.49 percent? According to this document, the landlord is obligated to lower the rent. On the flip side, landlords are allowed to charge more for specific months where utilities usage, such as air conditioning and electricity, is higher. This helps cover the increased costs during those times. Now, let's talk about the issue of income. For those who have traditionally received income through word-of-mouth or under-the-table arrangements, this lease is going to bring some changes. Landlords are now legally required to provide receipts to tenants for up to 12 months after they leave...
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Rental application ontario 2024 Form: What You Should Know
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