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Hey everyone Bradley tuning in coming at you with another video, and today I'm talking about a standard lease that becomes available as of April 30th everybody in Ontario needs to use this document if they're planning on renting a unit if you don't you could be charged with twenty-five thousand dollars in fines if you're a corporation that's a hundred thousand, so it's a kind of big deal, but before I jump into some of the surprising things I found I wanted to give you guys a chance to try and guess where I'm standing this is hands-down my favorite look out over the City of Toronto you guys know where I'm standing put it down below you can see the CN Tower right here beautiful view leave it in the comments so what are some shocking things first off assignments if you've never heard this word what this means is if the tenant decides that they want to move out, and they want to replace themselves with another tenant they are legally allowed to do that and now as per this document the landlord is not allowed to restrict them in any way reasonably restrict them, so you have to you have to cooperate in essence, so we're going to see a lot more assignment starting to take place as far as rent goes did you guys know that you can actually have a rent reduction should property taxes go down by two point four nine percent the landlord is required to reduce rent and on the flip side you're actually allowed to charge monthly for certain months when usage is higher so let's say in the summer air conditioning goes up electricity is up you can charge more for those specific months as a landlord for people who have traditionally done things under the table and the income is more word-of-mouth no one needs to know about it well now it's going to become more of an issue because you are legally required to provide receipts to your tenant up to 12 months after they leave even unit, so we got to make sure our books are in order if we're going to go about being a property manager or a landlord okay now as far as inclusions if the tenant is paying electricity you need to as a landlord provide 12 months previous billing and usage of electricity in that unit to give them an idea so again another thing a lot of people don't recognize, but you need to be able to give them that information if you're going to expect them to pay electricity to on their own now as far as deposits the only deposit you can hold is the last month's rent or a key deposit a key deposit being only the replacement cost of the key that's it no more no less this is kind of the idea if you're new in deposits you're looking at the last month that's it I guess you could do less if you didn't charge the deposit but good luck finding a place that does that awesome okay one thing that is little known about deposits is the interest that's earned on holding these deposits is actually payable to the tenant so if you're holding 1000 towards last month rent you need to pay them every single year that they're...
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