Our daughter and her friends signed a lease! This means there has been a flurry of phone calls home asking for 12 months worth of cheques to be written and couriered! The landlord was kind enough to agree to seal the deal with only a cash payment of their first month’s rent and trusts the girls to deliver postdated cheques as soon as they can. He has obviously been through this process many times and has had positive results. As a parent living in another city, I really appreciate that he gave them a little room to get things in order.
As you can likely figure out, this is the first lease Katie and the other girls have ever signed. Katie expressed some concerns that made us smile.
‘Mom, landlords can’t raise rent more than 2.5% each year. Well, the last tenants paid $435 a month and he wants to charge us $495! He can’t do that!’
‘Mom, we can’t sub-let unless it’s to another student!’
‘He said we could bring a cat but the lease says no pets allowed!’
Sometimes the questions can overwhelm us, but I like that she doesn’t simply accept what people tell her. She questions everything and tries to figure out what really should be happening. It gives me comfort that she won’t be taken advantage of when it comes to signing contracts.
I think that’s a good lesson for everyone. Read your lease and make sure all the verbal agreements have been included. If you don’t understand it, take it to someone who is in the business and make sure that the conditions are fair. There are plenty of management companies and rental agencies that would be great sources of information.