As the year 2020 comes to a close, it`s important for both landlords and tenants to be up-to-date on the latest lease agreement regulations. One such lease agreement that has gained attention in recent years is the OREA lease agreement.
OREA, or the Ontario Real Estate Association, offers a standardized lease agreement that is widely used throughout the province of Ontario. The most recent version of this lease agreement was updated in 2020 to reflect changes in legislation and best practices.
One of the most notable changes in the OREA lease agreement 2020 is the inclusion of a «no pet» clause. While previous versions of the agreement allowed pets on the premises with the landlord`s permission, the 2020 version gives landlords the option to prohibit pets altogether. However, if a tenant requires a service animal for a disability, the «no pet» clause does not apply.
Another change in the 2020 lease agreement is the requirement for landlords to provide tenants with a written notice before entering the property for non-emergency reasons. This notice must be given at least 24 hours in advance, and must include the date and time of entry and the reason for entry. This gives tenants more control over their living spaces and ensures that landlords are respecting their privacy.
The OREA lease agreement 2020 also includes a section on smoking, which is becoming increasingly important as more and more municipalities ban smoking in multi-unit residential buildings. Landlords can now prohibit smoking in the unit, on the balcony, and in common areas of the building.
Finally, the 2020 lease agreement includes a section on rent increases. Landlords are required to give tenants at least 90 days` notice before increasing the rent, and the maximum percentage increase allowed is determined by the government of Ontario on an annual basis.
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In conclusion, staying up-to-date on lease agreement regulations is crucial for both landlords and tenants, and the OREA lease agreement 2020 reflects changes in legislation and best practices. By familiarizing themselves with the latest agreement, both parties can ensure a fair and mutually beneficial living arrangement.
