Nov
14

Leasing Guide

Please see the below for a helpful little guide we’ve assembled… Also documentation all landlords will generally require to ensure the most viable candidate, while on that topic it should be noted that alot of rentals in the GTA are getting many offers so it is crucial that

  1. a) all of these are prepared
  2. b) if you like the pace and you are up against 3-4 other offers, you consider putting $50-100 more aside for your rental budget/offer .

Please assemble these in order to optimize your offer

Also an interesting tool to use while leasing, it will help you build your credit score while you make lease payments. Check it out here: www.rentintocredit.com

  1. Completed Rental Application; (ATTACHED)  Which Includes:

Full Name of ALL PARTIES to the Lease(guarantors), Driver’s License Number, Previous Residences(2), Present and Prior Employment, Financial Obligation Disclosure, Personal References(2), and Year and Make + License Plate No.’s of any vehicles that will be parked at the premises you are trying to lease

  1. Proof Of Income

Each party/guarantor to the lease should provide at a minimum 1 Years Tax Return T4

  1. Current Pay Stub + Letter of Employment

A recent pay stub shows that you are currently working. This can sometimes be sufficient enough to not require a Letter of Employment. Although the employment letter is HIGHLY RECOMMENDED, as it typically proves you to be in good standing with your employer.

  1. Allocated Funds for FIRST & LAST Payments

Generally, First and Last rental amounts are due within 24 Hours of acceptance of an offer or the offer is void. Sometimes Landlords will ask for a Key/FOB Deposit. This is typical of Condominiums and is refundable upon Key/FOB return at the end of the lease. These deposits typically are $200-300

  1. Full Credit Report  + Score

The landlord wants to ensure you are in good standing with your previous creditors with diligent  effort. Credit reports show any delinquency in payments, credit limits/allowances,  and dates of credit relationships.http://www.consumer.equifax.ca/credit-score-ca/en_ca is an instantaneous source to get the report and costs about $24.00+Tax.(Navigable by www.equifax.ca)

Or you can try this free application : https://www.mogo.ca/loan/apply?v=4

  1. Copy of Drivers License

So… put yourself in the Landlord’s Position, He has 2 Offers to Lease, Yours and Someone Else’s, Everything is pretty close in terms of the applications. This time (or prior too) would be a good to differentiate from the other application!

Strategies to Differentiate! (Optional)

Offer More Upfront

  • If your credit/ employment currently is not strong, sometimes it is recommended that you offer more upfront money than First and Last

Show Capital Strength

  • If you have it, It is recommended that you show some “Capital Strength” which proves ability to pay. IE:  Bank and Account Statements  (“Black out” account numbers), and possibly a deed with information on a property you may own and/or may be selling, etc.  

Length of Term

  • If your intention is to stay in the new lease for more than a year than it may greatly help your efforts to put those intentions on paper. Ie. 2 Years vs. 1 Year, 1.5 Years vs. 1 Year.

Lastly, please see a letter you may want to assemble something similar for your current landlord. Also follow this link and add as an attachment to the letter (i’ts just a little more official)

http://www.sjto.gov.on.ca/documents/ltb/Other%20Forms/N11.pdf

Your name

Address

City, postal

 

Re: Vacating (property address)

 

Dear (landlord),

 

Thank you so much for leasing your property to me.  I am writing this letter to inform you that I will be vacating my current address of (property address) and moving into a new place that better suits my lifestyle and location needs.

 

I will have all of my things out of (property address) by (date they will be removed).  I have enjoyed my time here am looking forward to a new chapter of my life.

My last months rent is prepaid (name the month). I trust you will try to have the property re-leased and will do my best to have the place presentable to any potential new tenants that wish to view it. I will do my best to accommodate arrangements when new potential tenants request to view it!

As  per the landlord and tenant board requirement please see the attached N11 form filled out.

Could you please send me acknowledgement of receipt to this email please.

Best regards,

Sign and date

 

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