No tenancy ever goes well if there isn't a clearly defined residential tenancy agreement in place. More likely than not, your landlord will present you with a lease once you're ready to decide to rent and he/she is satisfied that you're an ideal and worthy candidate tenant. Arguably, the most important step in the rental cycle process, you are responsible for making sure you completely and fully understand the lease and/or rental agreement and all the conditions, repercussions, options, etc. within the agreement.
Do not take this step likely. You also have the chance here to get everything explained and clarified and can even negotiate certain aspects that you may need to amend.
Understanding The Agreement
A Rental Agreement is the actual understanding that you have with your landlord regarding the terms of renting space from the landlord. The embodiment of the Rental Agreement is most commonly formalized in a Lease or Leasing Agreement. It's important to note that a Lease is a Rental Agreement but a Rental Agreement is not necessarily a Lease. Other types of rental agreements include a contract, month-to-month tenancy agreement, a handshake, a verbal agreement etc. This distinction is critical because what you or your landlord may think is the rental agreement that is being agreed to may not be fully reflective in the lease documents or verbal arrangement. Understanding the Rental Agreement and making sure it's reflected in the lease cannot be overstated.
Dollars & Sense
You must make every effort to have a clear understanding of your financial obligations during your rental term. Usually you'll need more than just your basic rent. Some expenses include utilities, security deposit (and/or last month's rent), key deposit, storage, parking, condo fees, tenant's insurance, phone/cable/internet setup up, and more. Part of being a successful tenant includes making adequate allowances in your budget for damages/repairs, penalties, moving in and out, breaking your lease (if you had to), and unforeseen emergencies. Keep in mind too that rents increase annually - though the amount varies by jurisdiction.
Clearly Defined Roles
I often explain to my tenants that the landlord/tenant relationship is more of a partnership. Each of us needs the other to succeed. And that means there's responsibilities and obligations that - while differ greatly - are altogether equal to the success or failure of the relationship. I consider it a 50/50 formula. As a landlord I have an obligation to provide a safe, healthy, and maintained living environment for a tenant. The tenant is obliged to pay rent in full and on-time, respect the property and others, and take care and treat their "home" well to avoid damage or maintenance beyond wear-and-tear. These duties and obligations are implied but also always outlined to some degree in the rental agreement.
Communication & Fostering The Love
Few tenants or landlords ever give a lot of thought to the full course of the tenancy beforehand. When a rental agreement in drawn up and agreed to, there needs to be a clear understanding of how and when a tenant and landlord will communicate with one another. Communication is vital in mitigating potential problems down the road. It's like the steering wheel in a car. You need it to control your car to avoid obstacles and get to your destination safely. Without it, you may travel straight for a while but soon enough you're going to crash into something. Well a rental agreement is your car without a steering wheel. There are a number of ways a landlord and tenant can communicate. A landlord will often provide a clear workflow/instructions with contact information on how and when he/she should be contacted. Some landlords just provide a "Service Call List" that has a list of trades you can contact directly should there be an issue. Others are more hands-on. And increasingly, more landlords are utilizing technology with online maintenance requests, toll-free numbers, fax, email, texting, voicemail menus system, etc. A tenant is expected to be easily reachable as well. The obvious payoff to good communication is a good landlord/tenant relationship (especially as issues arise).
With a rental agreement in place (usually in the form of a lease), you now have looked for a place rent, found it, secured it, and signed on to a tenancy. Now comes the rental term!
