After putting an ad up on Kijiji for 2 days, I received 4 potential 'leads' for my second room in my condo. I spoke to one and he visited the unit last night. He told me that the unit is better than any of the others he's seen, cool! He told me he would let me know today whether he'd be interested in renting and he came back with a positive reply.
Now... off to the races to find a Rental Agreement. I found one quite quickly after searching "rent a room form" in Google. The rental agreement form has everything on there, with extra room for additional items, that I need to put rules in place. Given that he is willing to pay cash every month, there is no need for a super form agreement, rather one that outlines rules for staying in the condominium and my unit. So this should do.
There were a few items I wasn't sure of on the agreement form which were the Last Month's Rent and Security Deposit. This article explains it pretty well what the differences are and whether you should fill it out or not. To be safe, it is probably best to collect a security deposit if you live in a condo given that if appliances and the space in the unit is shared, you never know when things would break. It is best, in my opinion, to collect the month's rent at the beginning of every month.
That wasn't hard... this will help with a good chunk of my bills... now... let's hope he cooperates...
just kidding!! =D
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