Rental Process (tenant)
What Are You Looking For
It is important to determine exactly what you are looking for before you start looking! This will save you a lot of time and energy. Try to answer the following questions before you start your search for the perfect property:
- What area do you want to rent in?
- What’s your budget?
- How many bedrooms and washrooms do you need?
- When were you looking to move in?
- Do you need any extras?
- How long were you looking to rent for?
In order to find the perfect property to buy or lease, it is essential that you visit them in person to determine whether they fit your needs. Some properties might be attractive in pictures and through description, but you must view it in person to determine its real value. Your realtor will use their resources to look for the best properties available on the market that match your wish list. They will then contact the owners or the agents to set up viewings.
Setting Up Your Budget
Before you start your search, it is essential that you know your budget. That way, you won’t have to waste time seeing properties that are too far out of your price-range. Make sure to budget tenant insurance and hydro costs with the total amount of rent you’re willing to pay. Also keep in mind that you will most likely have to put down a deposit for first and last month’s rent. Make sure you have enough to put down an offer immediately if you find the right property.
Making An Offer
So you’ve found the perfect property to buy or rent! You are almost half way there!
AGREEMENT TO LEASE
This is an agreement between the tenant, the owner, and the agent. It outlines the following:
- Names of the parties
- The property address
- The rental price and the deposit amount
- The amount of commission offered to your agent
- The closing date
- Schedules (Clauses which might include additional items or services included in the lease, special provisions, additional representation, or any conditions of lease from either the owner or the leaser)
It is the responsibility of the agents of the owner and leaser to make sure that all information presented on this agreement is accurate.
The agreement is signed by the buyer and their agent, then sent to the listing agent to present to the seller. It is then the responsibility of the owner to review the agreement and either accept or deny the offer. There are often negotiations between the buyer and seller and their agents to sort out various aspects of sale including price and extra inclusions. If accepted, the owner will sign and their agent will let your agent know that the offer has been accented. (In both leases and purchases, the owner is referred to as the seller and the tenant/buyer is referred to as the buyer)
- Go to your bank and get either a bank draft or certified cheque for your deposit (first and last month’s rent, or whatever deposit was agreed upon in the agreement to lease)
- Set up your Hydro Transfer
- Set up your tenant insurance
- Provide post-dated cheques made out to the owner
- Provide the key deposit
Choosing A Professional
Picking a Reputable Realtor
This is an important step in finding the perfect property to purchase. A reputable realtor will not only be experienced and knowledgeable in the specific area you are looking in, but they will also work hard to find you the best price available.
Signing a “Working With Realtor” Agreement
This agreement outlines that you, as the tenant, are agreeing to work with a realtor in order to find a property to rent.