All the topics, resources, and help tenants need.
Deciding To Lease
To lease a home, you need to be prepared and SHANE is here to help you. Here are a few things to consider…
Define your needs and wants
Make a list of the things you simply can’t live without, like the number of bedrooms and bathrooms you or your family needs, proximity to schools and work, or storage needs. Then list some nice-to-haves: maybe a pool or balcony, a gym, or a nice view. This will help you further down the road when you start looking at homes.
Understand market conditions
Supply and demand can change from neighbourhood to neighbourhood. So, getting to know the market can help you get more bang for your buck. And so can SHANE. To learn more about each neighbourhood within Toronto visit our Neighbourhoods section.
Choosing An Agent
Leasing a home is personal and emotional. So the relationship with your real estate agent has to be built on expertise, trust and mutual respect. After all, they will be acting as your eyes, ears and voice throughout the process. They have a fiduciary duty to act in your best interests, to be completely transparent and accountable to you.
Here’s what a SHANE agent will do
• Educate you about the current market conditions
• Discuss and analyze your wants and needs against your budget
• Guide you to homes that fit your criteria
• Coordinate the work of other professionals you’ll need during the process
• Negotiate with the Landlord on your behalf
• Make sure all the required paperwork is fully completed, accurate and that deadlines are met
• Work with you to resolve any challenges that may arise
Making An Offer To Lease
You’ve fallen in love. But it’s important that you don’t let your emotions get the better of you when making an offer to lease. Fortunately, SHANE is there to help you put together an Offer to Lease and discuss all the details. Here are a few things you should know…
Not all offers are the same
The main factors on most offers will include price, deposit, terms, conditions, specific items that are included or not with the home, and the closing date.
Negotiating may come into play
The Landlord will either accept your offer, reject it, or make a counteroffer based on things like price, closing date, or other conditions. While receiving a counteroffer may be unsettling, know that SHANE has plenty of experience to help you. Some good tips for negotiating are: making sure what you’re asking for is fair and equitable; be polite and collaborative; hold fast to your “needs” and be flexible on your “wants”; and know when to walk away no matter how hard that may be.
Download and complete the linked Rental Application Form in full, with professional references.
It’s best to save the form and close it, after entering the info (before attaching it to an email.) Otherwise entered information may be lost.
A recent full credit report PDF including your credit score and history report. Royal LePage can run one for you, or this may be requested from the following sources:
Proof of income
An up-to-date employment letter including your compensation, and position, signed by a superior.
Please provide 2-3 of your most recent pay stubs.
If you work for yourself, you will need to provide proof of income high enough to easily afford the lease comfortably. Documentation such as a Notice of Assessment would work.
Photo or scan of a government-issued personal photo ID.
Please confirm your current address if not accurately displayed on your photo ID.
Pre Closing On Your New Home
Prior to closing or possession of your new home the following should be sorted.
New resident forms & bylaws (condos)
Introduce yourself to the property management as a new resident. They may require a copy of your new lease and your tenant’s insurance binder. They should have some new resident forms for you to complete. As well request a copy of the current bylaws and rules for your building to review.
Key exchange dates are typically set up on the morning of closing. In exchange for the keys/fobs you will likely need to supply a refundable key deposit cheque made payable to the landlord. The amount of the deposit must not be more than the expected cost of replacing the key(s) if they are not returned to the landlord. The landlord must give the deposit back when the tenant turns in their key(s) at the end of their tenancy
On moving day, plan an easy meal like picking up some take-out. Moving is stressful enough without having to cook.
Making a moving checklist
Make a moving checklist that details a plan for things that need to be done weeks before you move all the way up to moving day itself.
Plan for packing
Plan for packing by clearly labelling boxes with the rooms they are to go to. You might even want to provide a small floor plan for the movers so they know exactly where to take them. Make sure you get competitive quotes from reliable moving companies. Or, to save money, find out how much it would cost to hire a moving van yourself (And bribe your friends to help you.)
Book the service elevator (condos)
Keep in mind if moving from one condo to another, your move time could be dependent on the availability of the building’s service elevators. Always best to book the service elevator for your move asap, before your ideal time slot is already taken. To do so inquire with your concierge or property manager. They will likely require a damage deposit.
At your current home, cancel your cable and utilities and make sure to have the gas, electricity, cable, internet, and phone hooked up at your new home. Transfer any rented appliances (like a water heater or furnace) to the owners, or the new tenants. Make sure to have the gas, electricity, cable, internet, and phone hooked up at your new home.
Inform your key contacts
Inform your key contacts – work, Canada Post, doctors, friends, pharmacy, etc… – of your change of address.