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Simple guide on how to Combine Lease Renewal

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How to Combine Lease Renewal

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Cameron from Emerson Property Management discusses lease renewals in property management. He emphasizes that different methods can be used for renewing leases, including verbal agreements, one-page addendums, or signing a new lease. The approach varies based on individual processes and preferences. Cameron raises the question of whether landlords seek to increase rent during renewals or prefer to keep tenants without raising rent to avoid vacancies, especially if a property has been challenging to lease in the past. The video aims to provide insights into balancing tenant retention and rental income during lease renewals.

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Got questions?

Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

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Is a two year lease legal in Ontario?

Normally people have a rental lease agreement for a year or sometimes for 2 years. What is in the Ontario standard lease agreement? ing to new laws in Ontario, every private residential tenancy must have a standard lease agreement.

What happens after 1 year lease is up Ontario?

In Ontario, when a residential lease expires, and there is no new lease, the tenancy automatically becomes a month-to-month tenancy. The main advantage for tenants with a month-to-month tenancy is that they have much more flexibility if they decide to move.

Is there a penalty with a blend and extend mortgage?

Blend and extend mortgages allow you to renew early or refinance your mortgage without penalties. Your blended mortgage rate will be somewhere between your existing mortgage rate and your mortgage renewal rate.

How do you calculate blend and extend mortgage rate?

(Original Mortgage Term - Mortgage Term Remaining) / (Original Mortgage Term) = a. 1 - a = b. (a x Old Mortgage Rate) + (b x New Mortgage Rate) = Blended Mortgage Rate.

Can a landlord refuse to renew a lease in Ontario?

proper notice A landlord can end a tenancy only for the reasons allowed by the Act. In most cases, the first step is for the landlord to give the tenant a notice in writing that they want the tenant to move out. The proper forms a landlord must use for giving a notice to end the tenancy are available from the Board.

Is blend and extend a good idea?

A blend and extend mortgage is best when youre anticipating interest rates are going to rise and youre coming up for renewal on your term. You can roll the dice and start your 5-year term over again with a slightly higher interest rate as a means of avoiding a much higher, brand-new interest rate.

What is a blend and extend?

A blend-and-extend mortgage is when you take your current mortgage rate and combine it with a new one. Youre technically keeping your existing mortgage but extending the term and getting an interest rate thats somewhere between your old mortgage rate and current rates.

What is a blended mortgage payment?

Blended payments are a way of repaying a loan that sets equal monthly payments of principal and interest (blended) over an agreed-upon amortization period. By contrast, in a principal + interest arrangement, the borrower pays back the same amount of principal each month, plus a steadily decreasing interest payment.

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Combine Lease Renewal