Lease Application Process

Provide Supporting Documents

Email all documents as mentioned in above document checklist and completed rental application at provided email. Feel free to contact us by text, email or call, if you have any question.

Prepare Lease Offer

Once we will receive your all documents, our team will prepare lease offer with in 2-4 working hours.

Review & Sign Lease Offer

We will setup a call with all tenants to review drafted offer, who will be signing the lease. We will explain and tailor offer strategy with you and answer your all questions. Once you will agree with offer terms, you will sign the offer paperwork online through AuthentiSign or DocuSign.

Verify Supporting Documents

Prior to sending income and credit supporting documents to listing agent, we do run a documents authenticity check by experts. We may contact your employer and other source of income providers for cross verification.

Sending Offer For Landlord Review

Usually, landlord or listing agent will take 24 to 72 hours for review documents. During this period listing agent or landlord will review, verify, perform background check, reference check, or credit check. At the same time, we will keep negotiate lease terms and rent with other side, so that we can get good deal for your best interest. In some cases, landlord or listing agent may put condition for 2-5 business days for employment, credit and reference checks.


If your offer gets accepted by landlord, we will bring your accepted lease agreement for your acknowledgement. Read over the lease carefully.


According to the signed lease agreement, in reference to OREA 400 Page 1 clause #4, the deposit for the lease deal is due within 24 hours after acceptance, excluding Saturday, Sunday & Statutory Holidays. Deposit can be paid by bank draft, certified cheque or wire transfer. We will provide detailed deposit instructions upon lease acceptance.

Prepare For Closing

You must provide a copy of the insurance certificate & utility account setup confirmation prior to key exchange. The tenant is responsible for the elevator reservation. If mode of future rent payment has agreed as post-dated cheques, please order cheque book in advance. Bank usually takes 10-15 days to deliver cheque book.

Key Exchange

The key release will take place on the lease commencement date or 2-3 day priors if the landlord agrees to do so.


Start packing and label each box, so that you can find all your item quickly at new place. Rent a moving truck, if you decided to move yourself. Buy a case of beers and do not hesitate to ask your friends, who may give you hand, they are nice though. 🙂 Or, Hire professional moving company. Make sure you have booked the elevator with the Property Management if it is a condo.

Standard Lease Requirements

  1. ID: Government photo ID for all adult tenants.
  2. INCOME PROOF: Gross income must be 3 times to your base rent. Recent 2 pay-stuffs and employment letter. If self-employed, last 3 month business bank account statement and business license or article of incorporation.
  3. CREDIT HISTORY: Provide PDF copy of complete credit report with credit scores. Minimum 680 credit score required.
  4. DEPOSIT: After acceptance of lease offer, First and last month rent will be deposited with in 24 hours by certified cheque or bank draft.
  5. TENANT INSURANCE: Tenant will provide tenant insurance policy certificate prior to key exchange.
  6. UTILITIES ACCOUNT SETUP: Tenant will setup his/her utilities account prior to key exchange.
  7. STANDARD ONTARIO LEASE AGREEMENT: Since April 2018, it is mandatory per Residential Tenancy Act 2006 that landlord and tenant must sign Standard Ontario Residential Tenancy Agreement prior to key exchange. Tenancy Agreement has the same terms as mentioned in the lease agreement. The tenancy agreement has information about tenant and landlord rights per the Residential Tenancy Act 2006.
  8. KEY DEPOSIT: (Refundable usually $200 – $300)
  9. LEASE TERM: 1 Year.

Frequently Asked Questions

How much rent, can I afford?

According to InvestoPedia, there are technical and practical answers to this question.

  • Technical: One rule of thumb involves dividing your pretax earnings by 40. This means that if you make $100,000 a year, you should be able to afford $2,500 per month in rent. If you earn $100,000 a year before taxes, you could technically afford $3,000–$3,250 a month in rent.
  • Practical: The practical answer requires some calculation based on your finances. The process begins by compiling a list of household living expenses, not including rent, like food, clothing, transportation, phone bill, debt payment, insurance, school/college fee, leisure expenses, etc.  A more practical approach that appraises lifestyle, the potential for financial hiccups, and unique expenses may lower that amount.

CMHC has provided a affordability calculator for your convenience. Affordability Calculator

Credits to Investopedia and CMHC.

What is CO-Signer?

Co-signers or guarantors are people with good credit who can sign the lease with you. This means they agree to take legal responsibility for covering your rent if you can’t.

It  is recommend to include co-signer in rental application,  if you have issues to produce income statement or you have bad credit.

How do I print full credit report from new Equifax platform?

  1. Login to your consumer account. Click the Credit Score link to open credit score page.
  2. Press CTR + P or Select Print Option from browser menu.
  3. The Print settings window will appear. If your are on window computer, Select “Microsoft Print to PDF” from the list of printer options. In case you are using Mac, select “Save As PDF” option.
  4. Select “Print.”
  5. Name the file, select the file destination, and then click “Save” to save page as PDF file.
  6. Repeat step 1-5 for all pages i.e Personal Info, Accounts, Bank Information Reported, Inquiries, Public Records & Secured Loans from left sidebar under credit report menu.

How do I print TransUnion full credit report?

  1. Login to your consumer account. Click on the “Credit Report” link, that is third option from top header bar.
  3. Press CTR + P or Select Print Option from browser menu.
  4. The Print settings window will appear. If your are on window computer, Select “Microsoft Print to PDF” from the list of printer options. In case you are using Mac, select “Save As PDF” option.
  5. Select “Print.”
  6. Name the file, select the file destination, and then click “Save” to save page as PDF file.

Can I provide credit report from Credit Karma or Borrowell or screenshot from bank account?

It is not straight YES or NO answer. We always recommend to provide full credit report from credit bureaus directly either Equifax or TransUnion. From our experience, landlord or listing agents usually don’t feel comfortable with report generated from other credit marketing companies, even data show by credit marketing companies come from TransUnion and Equifax. Your credit score does not print on credit report from credit karma report, then tenant usually take screenshot of score separately. 
When you provide credit report form Equifax or TransUnion, it makes your application complete and accurate.
If you still insist to send free credit report, however, we may asked you produce credit report for bureaus upon request from landlord side.

What is Bank Draft?

A Bank Draft is a physical means of providing payment to a third party. Funds are immediately taken from your bank account in exchange for the draft, guaranteeing the funds for the recipient. Bank drafts can be used to make a payment to a third party in almost any currency, both in Canada and abroad, and are available for a fee of $8.50 – $10.00 (vary from bank to bank) each (any currency).  To order a bank draft, go to any bank branch.

How do I ensure that my privacy protected?

Since we are members of CERA. we follow the Federal Privacy Act. Please find the Canadian Real Estate Association (CREA) Privacy Code under PIPEDA at www.priv.gc.ca

Who We Are

We are a team of independent realtors with EXP Realty. All team members are registered with RECO (Real Estate Council Of Ontario). We are members of CERA (Canadian Real Estate Association), OREA (Ontario Real Estate Association), and TRREB (Toronto Regional Real Estate Board). You can find our profile on www.realtor.ca

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