Owners 6 tips to rent his apartment safely

Owners: 6 tips to rent his apartment safely The fear of a tenant default or that the apartment suffers damage discourages many homeowners to rent their property. But do not worry, Circl reassures you by giving you 6 tips to rent your accommodation safely in Toronto.

1) Make a rigorous selection of the tenant 1) The best way to avoid any problem is to do prevention. Tenant selection is one of the most important elements to consider in the process of renting a property. To check the tenant's creditworthiness you can ask him for his pay slips and his employment contract in order to check his ability to pay the rent monthly. This can be easier if the rent is managed by a professional. The tenant potential may be reluctant to transmit his personal and economic documents to an individual. He will be more willing to deal with a real estate professional.

2) Request additional guarantees In addition to the security that covers possible damage to the apartment, the law permits any type of additional collateral to be established at the time of signing the contract. Through this guarantee (for example the payment of one or two additional months of rent) you will be able to

cover the deterioration or non-payments of the tenant. Its amount is free and is made by agreement between the two parties.

3) Require a guarantor A guarantor is a third party who agrees to accept responsibility instead of the tenant. If the tenant does not pay, the guarantor will be responsible for paying the debt. There may be two types of guarantors : - The personal guarantee: this is another person, usually a member of the family.

Bank guarantee:- it is a financial institution that will be responsible for payments if the tenant does not pay.

4) Submit the contract to arbitration It is a means of resolving conflicts without going through the legal process. In this case an annex to the contract must be added which stipulates that in case of conflict the decision will be taken by an impartial person. Thus, in the event of non-payment of the rent, the mediator can save you from having recourse to justice to find a solution.

5) Purchase insurance in case of non-payment and damage Purchasing insurance prevents the tenant from paying the deposit or guarantee requested initially. This can relieve the tenant when he does not have many savings and positively favor his decision making. Insurance companies can cover several risks such as: non-payment of rent, damages caused in the apartment, legal costs in case of disagreement .

6) Rent your apartment with a real estate agency Insurance the real estate agency will take care of the apartment and will act as intermediary between the tenant and the owner. It will take care of the administrative procedures, the followup of the payments and to resolve any kind of problems that may arise during the hiring.