Periodic Lease Agreement Alberta
A periodic lease agreement in Alberta refers to a rental agreement that runs on a periodic basis, usually on a monthly basis, and can be renewed automatically unless either party terminates it. This agreement is a popular option for landlords and tenants who want a flexible lease term that can be easily adjusted. In this article, we`ll take a closer look at what periodic lease agreements are, how they work in Alberta, and why they may be a good option for both landlords and tenants.
What is a Periodic Lease Agreement?
A periodic lease agreement is a rental agreement that runs for a set period of time, such as one month, and then automatically renews for the same period of time until one of the parties (either the landlord or the tenant) gives notice to terminate the agreement. For example, if a lease agreement started on January 1st, it would renew on February 1st, March 1st, and so on until one of the parties terminates the agreement.
How does a Periodic Lease Agreement work in Alberta?
In Alberta, periodic lease agreements are regulated by the Residential Tenancies Act (RTA). The RTA sets out the rules for periodic lease agreements, including how they can be terminated and under what circumstances. According to the RTA, a periodic lease agreement can be terminated by either the landlord or the tenant by giving the other party notice in writing. The amount of notice required depends on the length of the periodic lease agreement:
– One week`s notice is required for a lease agreement that is less than a month in length
– One month`s notice is required for a lease agreement that is one month or more in length
It`s important to note that tenants are required to give notice to terminate the agreement at least one day before the end of the rental period. Landlords, on the other hand, must give notice before the end of the rental period. Failure to give notice could result in the lease agreement being automatically renewed.
Why a Periodic Lease Agreement might be a good option for you?
Periodic lease agreements offer flexibility to both landlords and tenants, making them a popular option. For landlords, periodic lease agreements allow them to adjust the rental price or conditions more easily, without having to wait for the end of a fixed-term lease agreement. For tenants, periodic lease agreements offer flexibility, as they can terminate the lease agreement at any time with proper notice.
Another advantage of periodic lease agreements is that they provide a degree of security for tenants. Since the lease agreement automatically renews, tenants don`t have to worry about suddenly finding themselves without a place to live if the landlord decides not to renew the lease agreement. On the other hand, landlords don`t have to worry about finding new tenants every month.
Conclusion
Overall, periodic lease agreements offer a flexible and secure option for both landlords and tenants in Alberta. Whether you`re a landlord looking for a more flexible lease agreement or a tenant who needs the freedom to move quickly, a periodic lease agreement might be the right choice for you. Just make sure you understand your rights and obligations under the Residential Tenancies Act before signing any lease agreement.