Lease agreements are legally binding contracts. It is crucial to understand what you are agreeing to before you sign. Here are some key terms and clauses you should look out for.
1. Lease Term
Is the lease for a fixed term (e.g., 12 months) or is it month-to-month? Most student leases are for a fixed term, usually coinciding with the academic year. Make sure the start and end dates match your housing needs.
2. Rent and Utilities
Check exactly how much the rent is and when it is due. Does the rent include utilities like water, electricity, and internet? If not, ask for an estimate of these costs so you can budget accordingly.
3. Security Deposits
In some provinces, landlords can ask for a security deposit (often half a month’s rent) to cover potential damages. In others, like Ontario, security deposits for damage are illegal, but landlords can ask for a "last month's rent" deposit.
4. Subletting and Assignment
If you plan to go home for the summer, you might want to sublet your room. Check the lease for rules regarding subletting. In many jurisdictions, landlords cannot unreasonably refuse a sublet request.
5. Rules and Regulations
Read the fine print about pets, smoking, noise, and other building rules. Violating these rules could lead to eviction, so make sure you can live with them.
6. Joint and Several Liability
If you sign a lease with roommates, you are often "jointly and severally liable." This means that if one roommate doesn't pay their share, the landlord can demand the full amount from the other tenants. Be careful who you sign with!
Always ask for a copy of the lease to review before signing. If there’s something you don’t understand, ask the landlord for clarification or seek advice from your university’s housing services.