Rental Glossary - T
The exclusive right of the tenant, secured by a rental agreement between the tenant and the landlord, to use and possess the landlord's rental unit on payment of rent. Tenancy can also refer to the duration of the occupation.
The amount of time a month's rent covers. For example, if the rent is due on the 15th of the month, the tenancy month goes from the 15th to the 14th day of the following month.
The amount of time a week's rent covers. For example, if the rent is due on a Friday, the tenancy week is from the Friday to Thursday of the following week.
The person having the exclusive right to use and occupy rental property in accordance with a rental lease or agreement. Sometimes referred to as the "lessee", the tenant is allowed to use and occupy the rental property as long as he/she complies with the terms and conditions stipulated in the rental agreement.
Tenant Screening Service
A business that collects and sells information on tenants. A tenant screening business will thoroughly check current public records, credit reports, public records, fraud detection, and employment information.
A written notice from a landlord to a tenant telling the tenant that the tenancy will end in 30 days.
In Quebec, it is illegal for a landlord to terminate a rental lease before it expires. The lease can only be terminated on the agreement of both parties or in certain exceptional cases provided for by law. If the landlord intends to make changes to the lease, the renter must be notified of these changes, in writing, at least three months before the lease expires.
See Sixty-Day Notice.
Triple Net Lease
See Net Lease.
Work done on the interior of a commercial space, which can be paid for by the landlord, tenant, or some combination of both, depending on the terms of the rental lease.
See Build Out.
Tenancy in Common
Ownership of property by two or more individuals, each of whom has an undivided interest, without the right of survivorship.
A rental housing structure that has several units put together. The term "tenement" was once used to refer to housing inhabited by low-income families. Tenements are simple rental properties that are practical for those unable to afford a house or who prefer to live in an area such as city centers, where there are no houses to purchase.
Tenements can also refer to any type of property that is leased to another person. Although a tenement has many units attached together under one roof, they are divided by walls and have separate entrances to give each occupant their own space and privacy. Montreal apartments are tenements.
Living units in suburban areas that are designed to mimic detached homes or semi-detached homes. Townhouses usually form a row of dwellings joined by common sidewalls. They typically consist of multiple floors, however ones with more than three floors, including a basement, are not very common.
Rowhouses are similar to townhouses, but are generally made smaller and less luxurious.