As the year 2020 comes to a close, many people are still dealing with the effects of the pandemic on their living situations. With many renters facing financial strain and uncertainty, it`s more important than ever to have a solid rental agreement in place.
One such agreement that has gained popularity in recent years is the OREA Rental Agreement. OREA stands for the Ontario Real Estate Association, which is a professional association representing the real estate industry in Ontario. Their rental agreement is widely used in Ontario and provides a template for landlords and tenants to establish their rental terms.
The 2020 version of the OREA Rental Agreement includes several updates and changes that reflect the current state of the rental market. For example, there is a new section that addresses the impact of COVID-19 on both landlords and tenants. This section allows for rent deferral or reduction in cases where the tenant has been impacted by the pandemic.
Another important change in the 2020 agreement is the inclusion of new rules around service animals. Under the Ontario Human Rights Code, landlords are required to allow tenants with disabilities to have a service animal. The OREA agreement now includes a section that outlines the rules for service animals, including the requirement for tenants to provide documentation of their disability and the need for the service animal.
Other changes in the OREA Rental Agreement include updated language around rent and security deposits, as well as new rules around the use of recreational cannabis in rental properties. The agreement also includes a section for landlords to provide information about the property`s energy efficiency, a reflection of the growing importance of environmental concerns in the rental market.
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