Important advice for first-time tenants
It is that time of year when many people start thinking about moving out of their parent’s home and getting into their first rental. Moving into a rental property comes with certain obligations.Rental agents from the Seeff Property Group provide valuable answers to a few frequently asked questions.
How to qualify for a rental property? Rental agents typically work on the monthly rent not being more than one-third of your net income. Credit checks are usually required, and a clear credit record is therefore crucial, alternatively, you will need the parent to co-sign. Proof of steady income to cover rent is also required.
How much deposit do you need to pay? A security deposit is typically paid upfront with the first month's rent. Landlords must invest this in an interest-bearing account to the benefit of the tenant. When the lease ends, the deposit, with interest, must be refunded, net of any outstanding rent or damage repairs.
Do I need to sign a lease agreement? There must be a written lease agreement. It should detail the property information, deposit and monthly rent, conditions of use of the property, landlord and tenant obligations, and breach clauses. There will be a cost payable for the credit check and drafting of the lease agreement.
Are inspections required for rental properties? Incoming and outgoing property inspections must be done and signed by the landlord and tenant. These assess the initial condition of the property, and on vacating the property, any potential damage due to tenant negligence.
When is the rental payment due? Rent is typically due to be paid on the last day of the month. You must meet your rent obligations on time. Late payments can lead to legal action, and ultimately eviction. It can also damage your credit and tenant history which may mean that you are unable to secure another rental.
What other costs will you need to pay? In addition to monthly rent, tenants are responsible for water, electricity and other utility costs which could be included in the rent, or billed separately. The tenant may also need to pay for installations like internet.
Can someone else take over your lease? Subletting or transferring a lease without landlord approval is not permitted. A new tenant must qualify and sign a separate lease even if you remain in the property. You will remain responsible for the rent and obligations until the lease ends or is cancelled.
What is a breach of the lease agreement? A breach occurs when a party fails to fulfil their obligations such as late rent or damage. The breach clause sets out how it must be remedied, and the consequences of not doing so including legal action, cancellation of the lease and eviction.
Can the landlord enter the property at any time? The landlord may not enter without permission of the tenant, except in case of emergency, to inspect damage, show the property to prospective tenants or buyers, or if they have a court order.
What to do in case of a maintenance emergency such as a geyser burst? It must immediately be reported to the agent or landlord for urgent action. Landlords are obligated to maintain the property's habitability, including water, electricity, plumbing, sanitation, and ventilation.
When will I get my deposit back? Landlords should refund deposits with interest within 7 days of lease expiry, after deduction of any outstanding rent and repair costs due to tenant damage.
https://www.property24.com/articles/renting-important-advice-for-first-time-tenants/32450