Lease Information and Requirements

You are looking for a lease property. As a Realtor® I can help you. Looking for a property and the steps can be very stressful, I am here to relieve you of that stress and I will guide you through the full process. There is no cost to you, as I get paid by the Landlord.

Getting Started

I can start the search, based on the information you provide me I will set you up on an exclusive system:

  • Location (i.e. South of Bloor, East of Bathurst etc)
  • Number of rooms
  • Condo, Freehold or either
  • Do you require parking
  • What is your budget (good rule of thumb pre-tax annual salary and divide by 36 this represents 1/3 of your monthly salary)
  • Whats your availability to view properties?

The Next Steps

It is also a good idea to start your Rental Application, and to send the following information to me via email this way I will have all the information ready and we are good to go and put in an offer on a property that you like:

  Email the following to me:

  • Credit Report & Score Equifax (Equifax Instructions)
  • Employment letter (Showing your salary)
  • Copy of a Government issued ID (Drivers licence, Passport etc)

Are you a student?

Not a Problem, as a student you would need a Parent/Family member  living in Canada who could stand as your Guarantor.

The Guarantor would need to supply the following:

  • Name
  • Email address
  • Phone number
  • Credit Report & Score Equifax (Equifax Instructions)
  • Employment letter (Showing your salary) or proof of income
  • Contact number of HR
  • Copy of a Government issued ID (Drivers licence, Passport etc)

You would need to supply the following:

  Email the following to me:

  • Credit Report & Score Equifax (Equifax Instructions)
  • Enrolment letter from your University or College
  • Copy of a Government issued ID (Drivers licence, Passport etc)

Further Information Regarding Requirements

You will need the following before we can start the viewing process:

  • Have you given notice to your landlord? When is your last day? Most Landlords need a maximum of 60 days notice.
  • Credit Score & Report from Equifax A landlord would require that you have a good score (typically 650 and above) If your credit score is below 650 then you can use a Guarantor.
  • Current Employment letter showing your salary (If you are not working then you would require a Guarantor who has a good credit score & report and employment or proof of suitable funds)
  • If you are a student and don’t have employment, no problem, your parent can stand as Guarantor (parent would need to be in Canada, have an employment letter and a good credit score)
  • Is your deposit readily available? You will need first and last months rent within a day of your offer been accepted.
  • Do you have a chequebook (most landlords only take rent payments as cheques, and is useful to provide post-dated cheques to your landlord, it is the tenants responsibility to get the rent to the Landlord)

Q&A

Q: How much does the Equifax report cost?

A: $23.95* This is a one time report product is active for 30 days once purchased.

 

Q. How does the offer work?

A: I complete all of the paperwork, and it is then accessible via a link for you to sign electronically. I work totally paperless, so no need to print out the offer to physically sign.

 

Q: How many properties will you show me?

A: Usually no more than 5 properties at a time, and usually no more than 3 separate visits. (if we haven’t found the right one then, the search criteria needs to be adjusted) This is not set in stone, I want to ensure that we find the right property for you.

 

Q: Can I use other Realtor®

A: As a Realtor® we are paid on commission only, we get paid by the Landlord upon an accepted offer. Once we start looking at properties together, I would prefer you work exclusively with me. As a Realtor® we have access to all the same properties.  If you find that the relationship between us is not working, then we can part ways, no hard feelings.

 

Q: What is my fee?

A: There is none**

 

Q: Will you give me guidance and advise?

A: Of course, that is the benefit of working with me. I deal with a lot of Leases and Sales and have successfully helped many people find their new home.  I am here to present your offer to the listing agent in the best possible way.

 

Q: I am a Student but I don’t have a Guarantor?

A: You would need proof of funds to satisfy the Landlord that you are able to pay your rent & utilities and also have enough to sustain you. as a rule of thumb, take the monthly rent and multiply it by 36, this will give you a good indication of year finances you should have. (for a $2,000 rent you should have around $72,000 of savings)

 

Any questions or comments, please do not hesitate to contact me. I look forward to working with you as my client.

* Cost of the report correct at the time of print, cost may vary.

** There are the very rare occasions where a landlord is not offering to pay a commission,  on these instances I will advise you of the next steps and the cost to you, this will be done prior to making an offer. This is a very rare occurrence.