4 legal Forms Every Landlord Needs
Edmonton has the lowest tax rate in Canada with a steady increase in wages; it is no wonder investors are searching for Edmonton’s profitable housing market. Unfortunately being a landlord isn’t as simple as one might think. Many actions need to be followed with respect to the Residential Tenancies Act.
Failure to act in regard to this law can have dire implications. We have assembled a summary of 4 legal documents (Alberta eviction notice form, Landlord eviction notice sample, Landlord eviction notice form) that every property owner needs to have and when they ought to be properly used.
1. Residential Rental Application.
A Residential Rental Application is used by landlords to gather information on potential renters. This document is vital as it helps screen possible tenants. Landlords can observe the renter’s employment history, earnings, and references and obtain written consent to do a credit and criminal record check. Many skip this step since it requires more time and money; however not performing these screenings can result in getting the wrong tenant that is late on their payments or cause costly destruction to the residence.
*Tip: Many people put their friends as references so that they will give them a good word. As an alternative, try to get references from the renter’s past landlord. This allows you to get a real peek at what sort of tenant they are and if they are right for your premises.
2. Residential Rental Agreement.
After you have found the right tenant, the next step is having both parties sign a Residential Rental Agreement. This contract explains the expectations for both parties throughout a residential tenancy and lowers the probability of any disputes or misunderstandings at a later date. A Rental Agreement should include Landlord, Tenant and Property Information: Contact details for both parties, and a description of the rental property.
Lease Length: The length of time the tenancy will be, including whether it will automatically renew or if it is a fixed term, and notice details. Rent Price: How much the rent price will monthly utilities are included also if there is a charge for overdue payments and if the landlord requires a damage deposit. Permissions: This consists of whether the landlord will grant specific things, such as cigarette smoking, animals, home-based businesses, or improvements to the rental property.
Rules and Responsibilities: The responsibilities of the tenant and landlord, such as care and maintenance of the property, and overall expectations from all parties throughout the lease period.
*Tip: Go through the lease with your renter to make sure that they understand the terms and to answer any questions they may have. Once signed by both parties give your tenant a copy of the contract.
3. Rental Inspection Report.
After both parties have signed the Residential Rental Agreement, landlords should do a walk-through of the residence with the tenant. This enables you to record the condition of the rented residence before the tenant moves in. Once the tenant moves out you will have a reference of how the place looked and if any fresh damages have occurred you can deduct it from their damage down payment.
*Tip: Make sure you do the walk-through together with the tenant and also have them sign the report. This is likely to make the Tenant responsible if they created any damage.
4. Eviction Notice.
Even after doing your research, you may still be confronted with a bad tenant that you must evict. In instances where the tenant has severely damaged your property or physically attacked you, you can give them a 24-hour Eviction Notice to vacate your property.
In other cases such as overdue payments, the eviction process becomes more complex. In this example, you’ll have to provide the tenant with a 14-day notice. When completing the Eviction Notice for overdue payment make certain you list how much rent was due, when it was due and property information.
*Tip: Evicting a tenant can be expensive from the $75 filing fee for a hearing to employing a bailiff to escort your tenant off your property. Plan in advance in case this happens to you by setting aside some extra money to pay for these expenses.
If you are experiencing any of the problems mentioned above Call Edmonton Eviction Services Today at 780-974-8427 or contact us by email at firstname.lastname@example.org and let us solve your tenant problems!