Typically, renting a room or a basement suite means you are sharing an accommodation with the landlord. A basement suite is a self-contained dwelling unit complete with its own kitchen, bathroom, and living area. Most tenants of a basement suite use a separate entrance to enter the house than the rest of the occupants. If you rent a room, you will likely share either the kitchen or bathroom with the landlord or other tenants.
In order to rent or lease in many apartment buildings, a renter (also referred to as a “lessee") is often required to provide proof of renters insurance before signing the rental agreement. There is a special type of the homeowners insurance in the United States specifically for renters — HO-4. This is commonly referred to as renter’s insurance or renter's coverage. Similar to condominium coverage, referred to as a HO-6 policy, a renter's insurance policy covers those aspects of the apartment and its contents not specifically covered in the blanket policy written for the complex. This policy can also cover liabilities arising from accidents and intentional injuries for guests as well as passers-by up to 150' of the domicile. Renter’s policies provide "named peril" coverage, meaning the policy states specifically what you are insured against. Common coverage areas are:
Leasing is also used as a form of financing to acquire equipment for use and purchase. Many organizations and companies use lease financing for the acquisition and use of many types of equipment, including manufacturing and mining machinery, vessels and containers, construction and off-road equipment, medical technology and equipment, agricultural equipment, aircraft, rail cars and rolling stock, trucks and transportation equipment, business, retail and office equipment, IT equipment and software.
If Landlord is unable to deliver possession of the Rental Property premises for any reason outside of the control of the Landlord (for example, destruction of the building due to natural disaster), Tenant will have the right to terminate this Agreement upon written notice to the Landlord, and Landlord’s sole responsibility will be to return sums paid by Tenant for periods of time when Landlord is unable to deliver possession of the premises.
A periodic tenancy, also known as a tenancy from year to year, month to month, or week to week, is an estate that exists for some period of time determined by the term of the payment of rent. An oral lease for a tenancy of years that violates the Statute of Frauds (by committing to a lease of more than — depending on the jurisdiction — one year without being in writing) may actually create a periodic tenancy, depending on the laws of the jurisdiction where the leased premises are located. In many jurisdictions the "default" tenancy, where the parties have not explicitly specified a different arrangement, and where none is presumed under local or business custom, is a month-to-month tenancy.
When renting real estate, the person(s) or party who lives in or occupies the real estate is often called a tenant, paying rent to the owner of the property, often called a landlord (or landlady). The real estate rented may be all or part of almost any real estate, such as an apartment, house, building, business office(s) or suite, land, farm, or merely an inside or outside space to park a vehicle, or store things all under real estate law.
Try to get legal advice before you decide to move out for any of these reasons. It is usually better to apply to the Landlord and Tenant Board first, unless the conditions are so bad that you must leave right away. Try to take photographs or gather other evidence before you leave or before your hearing at the Board. See Applying to the Landlord and Tenant Board to end your tenancy for more information about applying to the Board.
Tenant, minor children identified herein, and guests or invitees, will not use the Rental Property for any illegal or nuisance activity, including, though not limited to, disturbing the peace and quiet enjoyment of the neighbors, possession or use of illegal substances, or property damage. Tenant shall be responsible to the Landlord for the actions of Tenant’s guests and invitees.
From the Landlord's perspective, the advantages to this type of lease are that they can sell the property in a slow market and can charge a higher rent than they could using a regular lease. Also, if the buyer does not exercise the option, they get to keep the option deposit. Lastly, because the tenant has a vested interest in the property, they tend take better care of it than they would if they were just ordinary tenants.
The sample residential lease agreement below describes a contract between “Landlord” Keith Richards and “Tenant” Clara Trueba. She agrees to rent a two bed room, two bathroom apartment in Los Angeles for $2,000 per month for a fixed length of 12 months. The tenant agrees to pay for electricity, gas, water, cable television, and telephone, and the landlord agrees to pay for trash and sewage. This is a good example of what provisions a simple lease agreement might contain, and how one should look in its final form.
Certain conditions of the sublease may be different from those of the main lease but they must not come into contradiction with the main lease so as to give the subtenant more rights than the tenant already has. For instance, if it is forbidden in the tenant’s lease to keep an animal, the subtenant cannot keep one. On the other hand, if an animal is allowed according to the main lease, the sublease can forbid it. It would be the same for a parking space and so forth.
If the house is subject to any Covenants, Conditions and Restrictions (CC&Rs), HOA agreements, or other similar instruments, copies of such documents should be given to tenant prior to the parties signing the rental agreement. If the house was built before 1978, the Lead-Based Paint Disclosure and Pamphlet (available at www.epa.gov) should be given to tenant prior to the parties signing the rental agreement. If the house was built in 1978 or later, the second paragraph of Section 6 can be deleted from the rental agreement.
Under the Rental of Residential Property Act, a landlord is not responsible for damages to a tenant's personal property. If a tenant wishes to be compensated for losses or damages to their personal belongings, the tenant should obtain tenant insurance. If a tenant believes he has a cause of action against the landlord for personal injury and/or damages to personal property, the tenant may pursue the matter in the Supreme Court of Prince Edward Island.
In the event the tenant is adding another individual to the residence (i.e. roommate, family member, etc.), the lease agreement should be consulted for requirements. Standard Residential Lease agreements have guidelines that new tenant additions be added specifically as a co-tenant. The additional tenant may be subject to criminal and financial screening, and rental history review. Furthermore the current lease agreement may need to be reviewed to ensure the occupancy limit is not exceeded.