What Are the Rental Fees?
Tenants are not charged any fees; landlords are. For a one-year lease, a standard commission of one month's rent plus HST applies. The tenant pays first and last month's rent upfront, with the remaining balance after deducting commission and taxes paid to the landlord. We also assist in obtaining post-dated cheques for the lease term.
How Do You Find Tenants?
Our active tenant database features pre-screened prospects who get first dibs on leasing properties. Team Kalia lists properties on the MLS and other platforms. Our comprehensive fee covers property marketing, showings, tenant pre-qualification, lease offers, tenant brokerage commissions, and landlord/tenant interviews if needed.
How Are Tenants Pre-Qualified?
Tenants are pre-qualified through a thorough screening process to ensure their suitability for a rental property. This process involves assessing various aspects of the tenant's background and financial stability.
Here's how tenants are typically pre-qualified:
The pre-qualification process aims to ensure that tenants are financially capable of paying rent on time, have a positive rental history, and are likely to be responsible and respectful occupants. This process helps landlords make informed decisions and reduces the risk of potential issues during the tenancy.
What is Your Role After the Lease is Signed?
What lease terms are outlined in the lease agreement?
The Residential Tenancy Agreement (Standard Lease Form) is a standardized document used for residential tenancies in Ontario. This legally binding agreement outlines key terms and conditions of the rental arrangement. It covers aspects such as rent, lease duration, responsibilities of both landlord and tenant, and other relevant terms. The form ensures consistency, clarity, and fairness in rental agreements, protecting the rights of both parties.
By offering a clear framework for rental relationships, the Residential Tenancy Agreement contributes to smoother and more transparent residential leasing transactions throughout the province.
How Can Landlords Evict a Tenant?
In Ontario, landlords can evict tenants by adhering to legal protocols defined in the Residential Tenancies Act. Eviction reasons include non-payment of rent, breaches of rental agreements, illegal activities, damages, landlord's personal use, or necessary renovations. For each reason, landlords issue specific notices, such as "Notice to End a Tenancy for Non-Payment of Rent" or "Notice to End a Tenancy for Landlord's Own Use."
If tenants don't comply, landlords can apply to the Landlord and Tenant Board for eviction orders. It's crucial to follow correct procedures and notice periods, ensuring lawful eviction and avoiding potential consequences.
Can a Tenant Buy the Property?
Yes, with mutual agreement. Brokerage fees could apply, or a lease-to-buy option might be arranged. Trust Team Kalia's expertise for smooth, secure, and successful renting experiences in Mississauga.
Does Team Kalia Offer Leasing Assistance to Tenants?
Yes. You can utilize our services to find a rental. We handle all the legwork for you. By committing to working with a dedicated realtor and providing necessary documents, you won't incur any service fees as they are covered by the landlord's brokerages. Our team can find you rental listings in Mississauga.
A note of caution for DIY (Do It Yourself) Tenants: Individuals seeking rentals through platforms such as Kijiji or other online portals, must exercise prudence regarding potential fraudulent activities. It is advised not to make any upfront payments prior to personally inspecting the property and confirming the authenticity of the individual claiming to be the property owner. Working with licensed realtors, thereby notably reducing the risk of encountering fraudulent activities.
What documentation do landlords need for property leasing?
Landlords commonly ask for a fully filled Ontario rental application form, credit reports (including international ones), employment verification letters, pay stubs, and bank statements.
Renting or buying – which is preferable?
If your household income is $120,000 or higher, complemented by a solid credit score and stable permanent employment, purchasing is highly advisable compared to renting. Choosing ownership enables equity accumulation instead of financing someone else's mortgage. We provide insightful First Time Buyer sessions for those considering both buying and renting.
Given the current economic conditions in 2023, many households earning less than $120,000 are choosing to rent instead of buying homes, unless they are open to co-ownership. Escalating mortgage rates and stringent qualifications have made affordable home options scarce, particularly in the bustling Greater Toronto Area (GTA) where housing costs have surged.
Renting is a logical choice if handling substantial mortgage payments, property taxes, and condo fees proves daunting. Balancing the worth of a home against potential financial strain—where over 50% of income goes into loan servicing—raises valid concerns about lifestyle sacrifices.
Renting offers relief from hefty down payments and sizable monthly mortgage commitments associated with homeownership. This eases financial pressure, especially for those grappling to meet their needs. Moreover, renting provides freedom and adaptability for potential relocations.
In today's demanding real estate landscape, renting has emerged as a practical option for GTA residents unable to afford homeownership. Nonetheless, misconceptions surrounding renting versus buying warrant clarification.
How can we secure rentals in top school districts?
Research well-regarded schools in prime Mississauga districts and find rental listings in these neighborhoods.