Help with Lease Agreements

[Brody Muxlow]

Hi guys and girls,

Was just wondering what everyone does for lease agreements. All the properties I've bought were all Rented and I've never had to get a new tenant and have them sign a new lease. 

Do i have to use the standard lease agreement? (residential tenancy agreement)

Or am I able to get my own made? I've never owned anywhere that I've lived and I've always rented. Every lease I've signed has been different. Just want to make sure I'm doing everything by the book.

Thanks, have a great weekend!

[Gagan P.]

Because of the "update" to the RTA the liberals did in hopes of votes in 2017, you have to use the Standard Lease if the tenant asks for it. You can use your own, there's no penalty for that. However, if the tenant asks for the standard lease (which these days lots do), you have no choice.

That said, you have options of additional clauses you can add. For example, I think Paragraph 15 (or somewhere around there) says that tenants may put holes in walls to add decorations, but says you may add conditions. So you want to add that they're responsible for patching any holes and repairing/matching paint. Snow removal can't be included as tenant's duty either and you want to have a separate agreement for that (assuming it is a single family).

If it's an existing lease from pre-2017, that lease is still valid.