CONTINUING YOUR TENANCY
You're on this page because you want to continue living in the place you have called home for the past year. We want to make sure you're aware of the details:
FIRST - Lease Term
- After your initial term, your lease term is continuing on a MONTH-TO-MONTH basis, unless otherwise agreed. The lease agreement terms and conditions stay the same, unless otherwise agreed. This does NOT release you from your obligations of submitting a minimum 60-day termination notice in the future as per the Ontario Tenancies Act.
SECOND - Last Month Deposit
- According to Ontario tenancy laws, your last month deposit cannot be used unless it is being used on the actual last month of your tenancy - meaning that it must be used on the month you will be moving out. If you are continuing your tenancy, the last month deposit is set aside until you decide to move out.
- In case of a rent increase, the last month deposit must be topped-up to match the new rent amount.
(EXAMPLE: Current rent is $3,000, rent increase of $50/month begins May 1, 2018 - my May 1, 2018 payment must include the new rent amount of $3,050 PLUS the $50 to update (top-up) the existing last month deposit for a total of $3,100. My rent payments starting June 1, 2018 will be $3,050).
THIRD - Hydro & Insurance
- You must submit the most recent hydro bill and the current tenant/renter's insurance policy documents. You may send us an electronic copy (scanned copy/photo/PDF) to email@example.com.
FOURTH - Rent Increase
- You may receive an N1 or N2 Rent Increase Form. If you receive an N1 form the rent increase is less than or equal to the rent increase guideline set by the Ontario government. If you receive an N2 form the rent increase amount is more than the rent increase guideline as your unit is exempt from these rules.
FIFTH - Rent Deposit Interest
- Your last month rent deposit is eligible for an interest payout! The interest is equal to the rent increase amount and must be paid out every 12 months. The Ontario Tenancies Act states this interest amount may be applied to your last month deposit top-up when your rent is increased. This means your last month deposit top-up and interest cancel each other out, saving tenants the hassle of paying the top-up only to receive it back.
LASTLY - Payment Options
- We are in the process of going green - as requested by a lot of our tenants!
- We have hired Forte Payment Systems to bring you a new worry-free (not to mention FREE) online payment system called ePay. This is essentially the same as submitting cheques without wasting money on paper cheques! If you are interested in this program, please email firstname.lastname@example.org for more info as we can service a limited number of tenants.
- If you'd like to continue sending us cheques, we ask that you submit them as soon as possible to avoid any delays.
- The renewal email will notify you of your payment schedule.
Don't hesitate to let us know if you have any questions! You can reach us at email@example.com or at 647-946-5020.
Baytree Property Management Inc.