Understanding the terms of your lease agreement is vital as you will be signing a legally binding contract. That’s why you should be asking your landlord all the important questions you want to know upfront, to make sure you understand what you will be committing to. You can also consider speaking to a professional mortgage broker in Guelph about any questions you may have.
A lease agreement does not have to be difficult to understand, but you need to make sure that you know exactly what you will be committing to. It’s a binding agreement so if you are unsure about any clause or you want to find out specific information, do this before you sign. A year is a long time to live in a home that you may not be happy with afterward, making it crucial to ask questions upfront.
Questions to Ask
Here are some of the important questions to ask your landlord before you commit to a lease agreement, especially if it is a long-term agreement:
- What is the term of the agreement? Make sure that you are committed to the term that the lease represents. If it’s a long-term lease, make sure you want to commit.
- Will rent be worked out pro-rate? If you are moving in the middle of the month, for example, you need to know if rent will be worked out accordingly and that you won’t be liable for a whole month’s rent upfront.
- How and when is rent payable each month? Ask about the payment date, what possible fees are involved if you pay late, and how they want rent payments to be made.
- What about utilities? Find out if the rent payment is inclusive of energy, water, etc.
- Is property management available? Some properties do have a property manager available to deal with emergency situations or maintenance issues.
- What is the policy surrounding guests? Ask about entertaining guests, are they allowed to spend the night? Make sure the landlord will approve.
- Are pets allowed? Make sure that your pets will be allowed, if you have any. It’s important as you don’t want to move in and then find out that you have to get rid of your pets, or receive a fine for having them.
- Will your deposit be refunded? This is important, as you need to know if your deposit will be refundable when you do move out. Ask about interest earned on it, and make sure you go with your landlord to do an entry and exit inspection.
These are just some of the questions you should ask your landlord before you move in. This will help you to understand exactly what you are committing to. You can also ask your mortgage broker in Guelph to help you find the right lease for your specific needs.