Hi there
In the past I have mentioned my Mother has significant debt, and your answers have all been very helpful to her. Now she has decided that she would like to rent out her basement to help pay this down.
I have found a seemingly nice 50 year old widow that would like to rent out my Mother's basement for 690/month. She filled out an application including references. Her income from work is only about 12k/year, plus 500/month pension. Her credit score is about 600, not too great but I guess that is the nature of people who rent instead of buy. She is willing to have her sister co sign the lease.
I like her so I am thinking of making her an offer. I just have a few questions.
1) She mentioned she could provide certified cheques. Is there any benefit to asking for post dated certified cheques for the term of the lease? Can't she just cancel them at any time by paying the fee again?
2) Could someone please link me to a good/standard lease template for this type of situation in Ontario/Hamilton? Are these any good?
http://www.thecanadianlandlordalliance.com/docs/LeaseAgreement.pdf
http://www.remaxcondosplus.com/pdf/Form400.pdf
3) What are the pros and cons of a month to month lease? My only real concern is that if my mother decides she doesn't like having a renter in the basement, it might be hard to get her out. I was thinking a month to month lease could solve this problem.
4) Is it standard to ask for first and last months rent + month's rent deposit for damages? At what point is this paid if she plans to move in on Feb 1 2014?
If anyone could answer any of these questions or has any general comments/advice it would be greatly appreciated!
Many thanks
Justin
In the past I have mentioned my Mother has significant debt, and your answers have all been very helpful to her. Now she has decided that she would like to rent out her basement to help pay this down.
I have found a seemingly nice 50 year old widow that would like to rent out my Mother's basement for 690/month. She filled out an application including references. Her income from work is only about 12k/year, plus 500/month pension. Her credit score is about 600, not too great but I guess that is the nature of people who rent instead of buy. She is willing to have her sister co sign the lease.
I like her so I am thinking of making her an offer. I just have a few questions.
1) She mentioned she could provide certified cheques. Is there any benefit to asking for post dated certified cheques for the term of the lease? Can't she just cancel them at any time by paying the fee again?
2) Could someone please link me to a good/standard lease template for this type of situation in Ontario/Hamilton? Are these any good?
http://www.thecanadianlandlordalliance.com/docs/LeaseAgreement.pdf
http://www.remaxcondosplus.com/pdf/Form400.pdf
3) What are the pros and cons of a month to month lease? My only real concern is that if my mother decides she doesn't like having a renter in the basement, it might be hard to get her out. I was thinking a month to month lease could solve this problem.
4) Is it standard to ask for first and last months rent + month's rent deposit for damages? At what point is this paid if she plans to move in on Feb 1 2014?
If anyone could answer any of these questions or has any general comments/advice it would be greatly appreciated!
Many thanks
Justin