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[10 Common Mistakes by DIY Landlords] Mistake #3 Rely on a Handshake without Proper Lease Agreement

May 04, 2020

10 Common Mistakes by DIY Landlords – Mistake #3 Rely on a Handshake without Proper Lease Agreement

Landlord should rent a place with a written agreement, and the agreement should be on the standard lease form (RTB-1).

According to RTA (Residential Tenancy Act), even if the landlord doesn’t prepare one, the standard terms of a tenancy agreement still apply automatically. So, why not having a written agreement to protect yourself?

Both landlords and tenants must sign and date the agreement. Landlords need to provide a printed copy to their tenants within 21 days of entering into the agreement.

(.. to be continued)

We can’t guarantee that the above tips will help you manage your house effectively. However, we believe that ignoring them will cost you.
Remember to find a professional and licensed Property Manager who always works for your needs, not for his/her own commission.

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By Patrick Cheung

Patrick is a well-trained Rental Property Management Professional. He completed the Rental Property Management Licensing Course in UBC. Patrick plays a key supporting role in day-to-day functions and creates an active working partnership with our licensed Property Managers. Before joining us, Patrick worked in financial and technology areas for many years, he brings to the position extensive experience in business management, financial, mediation and a diverse range of IT technical skills.

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