Step 1. Property Search
- Work with your REALTOR to set up automatic email alerts on properties meeting your criteria.
Step 2. Have your documents ready.
It is a hot rental market. There are a few documents you need to provide that apply to leasing any unit in Toronto and the GTA.
- Employment Letter - Must indicate annual/monthly salary and position held.
- References - Optional but recommended
- Rental Application
- Credit Score and Report - Obtained from Equifax.ca
When you place an offer to lease, you will be required to provide these documents in support of your offer. We deal with a lot of prospective tenants across the city. Providing these documents allows us to know if you are qualified for the units that you want to see. Way too many times we have been in the position where a client loved a unit and wanted to place an offer, but by the time they had all the supplementary documents ready the unit has leased.
Step 3. Make an appointment with your realtor.
- Schedule a time to go out and view properties. Many properties require at least 24 hours' notice.
- After the showings, decide which unit is the best fit for you.
- Make a pros and cons list of the units you have seen and imagine yourself living in that unit for a year.
- The offer is called an Agreement to Lease. Its a standard legal document that contains the monthly rent, move in day, and clauses that protect you and the landlord.
- Your agent will submit your agreement to lease to the landlord’s representative.
- The landlord has 24 hours to respond to the offer, after which you will find out if the unit is yours!
Now that the landlord has accepted your offer you need to do the following:
- Provie a certified cheque or bank draft within 24 hours of the offer being accepted for first and last months rent.
- Arrange a method of payment for the remaining month in your lease (post-dated cheques, interac, automated debit etc.).
- Transfer of hydro to your name, se up other utilities (cable/internet, gas, etc.) and obtain tenant insurance
- Contact the building’s concierge or property management in order book elevators ahead of time!
- Congratulations! On the day of the move, you will be given the keys.