A landlord is someone who has ownership of a property, and rents or lease such property to a business or individual for their own use for a fee. The landlord may have an agent or management company represent them in taking care of the tenancy and the property, but the owner is still the landlord. The person or company that rents the property is called the tenant. The landlord is sometimes called lessor or owner.

An agreement must be signed to create a landlord and tenant relationship arrangement. This is recognized by law and most cities and countries have regulators to ensure everyone’s rights are protected. The property can be a farm, apartment, warehouse or office building.

RESPONSIBILITIES OF A LANDLORD:
– Maintenance of common areas, such as party room. 
– Ensuring the property is habitable for humans.
– Basic health and safety concerns should be addressed.
– Never intrude on the tenant’s privacy without consent.
– A good understanding of the government approved the landlord-tenant act.
– The landlord must adhere to all building codes and expectations.
– Must perform all necessary repairs unless it was caused by the tenant.
– The landlord must ensure the locks and windows are in a safe condition.
– If windows are broken, that could be a safety concern in the long-run. 
– Ensuring that living conditions are peaceful and quiet, as well as hazard-free.
– Ensure water, hydro and such services are available unless the tenants didn’t pay the utility bill as expected.
– Properly screen new Tenants and alert authorities on tenants that may be a danger to the community.

A Tenant is someone who occupies or uses a leased or rented property from a landlord for a period of time. This could be an office, warehouse, bungalow, land, or a basement. The tenant pays a fee to use the property, this is known as rent. Such fees can be paid in cash, cheque, or through electronic transfer.

It may be unlawful for a tenant to withhold rent when some services are denied. Instead, the tenant will have to make a complaint or sue the landlord. The tenant is expected to enjoy the property rented while their agreement is still active. The tenant has rights and those rights should never be trampled upon. Sometimes some issues may need clarification to know who is responsible if such was not properly clarified or understood. Issues like who pays for repairs, is it all parties or just the tenant? Who pays for snow removal? A good realtor should be able to help address such complications.

SOME RESPONSIBILITIES OF A TENANT:
– The Tenant is expected to pay the rent in full and on time. 
– The Tenant should contact the landlord or their realtor for repairs.
– The Tenant should help prevent damage from happening to the property.
– The Tenant should immediately repair damage caused by the tenant or their guest. 
– The Tenant in most cases is expected to pay for the utilities.
– The Tenant should maintain all appliances in the property.
– The Tenant should keep the property clean and presentable.
– The Tenant cannot make confidential information about the property to the public.
– The Tenant cannot renovate the property without consent from the landlord.

A property manager is a person or company that is hired to manage the daily operations, maintenance of a unit of real estate, land, or property. Most property owners and investors usually get property managers to help them manage a property for a fee.

A property manager or management should have a good communication channel, as well as being proactive, involved and knowledgeable. They do inspections quarterly or as agreed. They also handle management issues like lawn care, snow removal, emergency repairs, common area maintenance, plumbing, painting and much more.

RESPONSIBILITIES OF A PROPERTY MANAGER:
– Collecting and managing Rent.
– Responsible for managing the Tenant’s issues.
– Maintenance and repairs coordination
– Good knowledge of Landlord-Tenant Laws. 
– Supervising expected responsibilities.
– Responsible for Managing taxes, records, and budgets.

Tenants have a few bills associated with their rental. Some of them are hydro, gas, laundry, cleaning, repairs, tenancy insurance, rent, maintenance fees, cable, and much more.

Tenants may have other daily expenses and bills that are not directly related to their rentals, such as car payments, phone bills, personal taxes, tuition, and a few more.

The costs associated with a business and commercial ownership of real estate are the operational expenses, management expenses, property taxes, insurance, legal, repairs and maintenance, utilities, and other miscellaneous expenses.

The Landlord and Tenant Board (for example the Ontario Rental Housing Tribunal) is an adjudicative tribunal operated by the government of Ontario that provides dispute resolution of landlord and tenant matters under the Residential Tenancies Act, 2006. It is one of the eight social justice tribunals in Ontario.

Every state or province has similar boards and regulatory bodies. The board is key to protecting the rights of tenants. They try to hold the landlord to keep the property in a habitable state. This is done by making the property livable, safe, and clean for the tenant’s use. They are also to provide any lawful items listed in the rental agreement. The board defines the landlord’s responsibilities and what is expected of the tenants.

SOME HELPFUL CONTACTS:
# Landlord Tenant Board – Toronto – (416) 645-8080
# Landlord and Tenant Advisory Board – (780) 496-5959
# Residential Tenancies Branch Manitoba – (204) 945-2476

A “Rent to own” is a form of agreement that’s good for some people, but it can also be a disadvantage to several other people. It’s an agreement that gives the tenant the opportunity to save up down-payment to purchase the same property. An extra monthly amount is demanded above the rent, such extra funds are used as a credit if the tenant meets a few items agreed upon over a period of time.

For example, a rental agreement for a 2 bedroom is signed for $1850 monthly. A one-time non-refundable fee of $6,000 is paid as an “option to buy fee”. $300  monthly from the $1850 monthly will be credited to the tenant for use as part of the downpayment. The $300 in 3 years will become $10,800 in credit towards the purchase. But the tenant will need other things to finalize the deal. This can also serve as a 3 years period for the tenant to build their credit. But chances some people can be scammed. There are more risks to the tenant than the landlord and why we at Canada Best Houses will discourage this method for our clients.

Positives:

• – You may be able to move into the property right away.
• – The tenant can benefit from the time allowed to build their credit to help qualify for a home loan.
• –  A portion of the monthly rent will be credited to the payment for the home.
• – Can qualify with poor credit Get the home for the current market value.

Negatives:

• – The huge up-front option to buy fee. 
• – The tenant could be forced out if the owner gets foreclosed.
• – If the tenant terminates the contract, they will most likely lose the option fee.
• – The possibility of not qualifying for a mortgage at the end of the agreement.
• – The agreement is often not 100% binding, hence the loss of investments. 
• – Mortage is never a guaranteed aspect of the agreement.
• – A missed rent payment can mean the loss of the entire deposit.