The Landlord-Tenant, or Lessor-Lessee, relationship has to be at the very least professional and hopefully friendly. You are working together to provide a living space and income for each other. There are many misconceptions about landlord and tenant rights and responsibilities, so I have decided to remove the relevant contents of the Ontario Residential Tenancy Agreement (ORTA) and put them directly in front of everyone so there are no misunderstandings.

DISCLAIMER - there is no disclaimer. These are the only enforceable parts of the agreement. Although you can agree to terms outside of the ORTA, they may not be enforceable by law.

FINDING THE RIGHT RENTAL - there are so many types of rentals that it is almost like deciding on a home to buy, so all the same factors in a purchase apply to renting (except the mortgage of course).

• Location - obviously you need a convenient location for transit, work, amenities, entertainment.

• Budget - pretty self-explanatory. Landlords typically want to see that you are spending less than 40% of your income on housing.

• Style and Size - family? Single? How many beds/baths do you need. Condo, house, basement, hard loft?

• Priorities - make a list of your must-haves, deal-breakers, and don’t-cares.

FINDING THE RIGHT TENANT - the best way to protect yourself as a landlord is to have a Realtor vet your prospective tenants by requiring income statements of some kind, and job letters if you are employed — for self-employed people, I suggest a job description, invoices, statements of earnings, and maybe an NOA. For employed and self-employed alike, an Equifax credit report, references, past landlord contact info, and the standard rental application are all required. I’ll market your rental, find a good applicant, and then we decide on whether to have them reside in your property. This decision could be for a while, so we have to get it right the first time!

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