Congratulations, You’ve Leased Your Suite With Sage Living!
Need Help Understanding Your Lease?
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Like all landlords in Ontario, Sage Living is required to use the standard Provincial Lease Agreement provided by the Government of Ontario.
Please review the guide below to better understand some of the key items included within your lease agreement.
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Page 1 - The Landlord Name
You will likely notice that beside your name as the landlord, we have included C/O Sage Living Management Inc.
This means Sage Living is in ‘Care Of’ this location on your behalf and is signing this agreement on your behalf as your representative.
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Page 2 - Contact Information
Sage Living will include our contact information on the lease for the Tenant.
Note: the Tenant’s contact information cannot be provided to the Owner until such time when the management agreement expires or concludes between the Owner and Sage Living
Rest assured, Sage Living can relay appropriate messages between the Owner and their Tenant as needed
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Page 2 - Term of Tenancy Agreement
You will likely notice that the lease agreement begins in either May or September of this year and end 3-years later.
As outlined within our management agreement, Sage uses a minimum 12-month to maximum 3-year lease Term.
It is important to understand that the Tenant has the ability to cancel their lease every year within the 3-year lease term. This can be found on page 18 of the agreement titled ‘11. Notice of Termination’
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Page 2 - Rent Amount
You may notice that the ‘Total Rent (Lawful Rent)’ is approximately $50 more (per tenant) than what we had first quoted.
We do this to account for possible late fees from the Tenant. You will notice that while this rent is higher, the Tenant will receive a $50 (per tenant) discount per month if rent is paid on time.
This means that if rent is paid on time, the Tenant only pays the rent you agreed to receive. But, if the rent is paid late, the Tenant will pay an additional $50 to Sage Living. This discount is outlined on page 4 of the lease agreement.
This is to offset the cost of bank charges and administrative fees Sage Living receives when rent bounces. Without this $50 charge, Sage Living would have to instead forward the cost the Owner. This was our solution to help save our Suite Owners money.
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Page 4 - Rent Deposit
A little more self explanatory, this is simply the value of the Tenant’s last month rent deposit.
This will be the value of the agreed upon rent as specified by the Owner to Sage Living.
No amount is gained by Sage Living and any interest earned in reserving this amount by Sage Living must be provided to the Tenant as per provincial regulations.
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Page 5 - Key Deposit
Sage Living will collect and hold in trust the value of $200 from each Tenant. This amount is held to offset the cost of keys should the Tenant’s lose the provided set of keys / key fob and require a replacement set of keys.
This amount is returned to the Tenant when the keys are returned to Sage Living in good working condition at the end of the tenancy.
Sage Living takes on this amount to better address the needs of the Tenant and so our office can quickly assist the Tenant without interrupting the Suite Owner or requiring the Suite Owner hold an amount in trust for the Tenant.
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Page 7 - Signatures
Sage Living has signing authority on behalf of all Suite Owners. You will notice that our representatives review and sign these lease agreements on your behalf.
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