Types Of Neighbor Storage Units
Neighbor offers both traditional self storage facility units and peer-to-peer storage spaces.
Residential storage spaces include sheds, garages, RV pads, basements, bedrooms, parking spaces, closets and other extra space while commercial spaces include warehouses and empty offices. This storage can be 50% cheaper than a traditional Richmond Hill self storage unit.
When renting storage through Neighbor, you’ll get liability protection with our strict Terms of Service, automatic billing, Customer Success specialists and more.
Section 5 Types Of Leases
There are several types of cropland leases, including cash rental, flexible cash rental and crop share rental leases. What makes each of these leases different is how the payment for the land is calculated. Cash rental is fixed. Flexible cash rental and crop share rental are based on a division of revenue from the crop in a pre-determined fashion. In addition to cropland leases, there are building and pasture leases.
Cropland Lease Comparison
Cash Rental Lease
- Tenant receives the income from all crop sales but pays the landlord a fixed dollar amount each year as the rent.
- A portion of the rent may be paid in advance and the rest at harvest.
- The tenant bears all the production risk.
Crop Share Lease
- Crop sales are divided between the landlord and the tenant.
- Income is divided as the crop is sold.
Flexible Cash Rent Lease
- Tenant receives all the income from crop sales, but the dollar amount paid to the landlord each year varies with either the price of grain or yield of grain, or both price and yield.
- This type of lease incorporates features of both the Crop Share and Cash Rent leases.
The risks associated with the various leases can be grouped into two categories, namely production and marketing risk. Table 1 outlines these risks and shows which risks are shared by the landlord under the three types of lease arrangements discussed.
Table 1. Comparison of Landlord’s Risk Under Three Types of Lease
|Type of Risk to Landlord’s Income||Type of Rental Lease|
Section 2 Tax Implications Of Land Leases
The following is for general illustrative and information purposes only and is not comprehensive, nor is it intended to be legal advice. It does not replace professional advice from a tax specialist. Remember, tax laws and qualifications for programs may be time limited or may change. It is strongly recommended that you consult with a tax specialist for up-to-date advice that is specific to your agreement.
The tax implications of entering into a lease agreement should be carefully considered.
Landlords can inadvertently disqualify themselves from being able to use two major tax provisions. The Canada Revenue Agency does not consider many types of leasing to be farming. For example, a share crop lease, where a portion of the crop is given to the landowner as payment for the land, may not meet the CRA’s definition of farming. As a result, some leasing arrangements can disqualify landowners from using the following tax provisions:
- the ability to use a tax-deferred rollover on the transfer of land to children
- the $1,000,000 capital gains exemption on their land
Tax Deferred Rollover to Children
The $1,000,000 Capital Gains Exemption
Qualified farm property includes:
- an interest in a family farm partnership
Qualified farm property must meet the following definitions:
In either of the above cases, property must be used in farming by:
Leasing farmland is most likely to affect the use of the exemption on land purchased before June 18, 1987.
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Self Storage Unit Amenities
Depending on what, where, and for how long you are storing, different features and amenities might be very important to have.
For large or heavy furniture drive-up access and large access points may make moving and unloading much easier. If you are storing in humid locations, having it stored in a climate controlled storage unit may be ideal to prevent rust and corrosion. Traditional self storage facilities will allow flexible access during business hours, but Neighbor storage spaces may offer 24/7 or by appointment only access.
Faqs About Boat Storage In Richmond Hill
How much does it cost to rent boat storage in Richmond Hill?
On average a Neighbor boat storage unit in Richmond Hill costs $125 per month.
What is the most popular boat storage rental in Richmond Hill?
15×15 spaces are the most frequently booked boat storagetype in Richmond Hill.
Who is the most highly rated boat storage provider in Richmond Hill?
How can I find boat storage near me in Richmond Hill?
On a large screen, ourmap viewcan help you find boat storage space just down the street.
Ourcomprehensive listof available Neighbor boat storage spaces in Richmond Hill is a great place to start.
How much storage do I need?
As a rule of thumb, a 5×5 will fit one piece of furniture or several boxes, a 5×10 will fit the contents of a 1-bedroom apartment, a 10×10 will fit the contents of a small home, a 10×15 will fit the contents of a 2-3 bedroom home, a 10×20 will fit the contents of a 4 bedroom home, and a 20×20 will fit a lot more.
How much space do I need to store a vehicle?
Motorcycles and other small vehicles generally require a 5×10 storage space while most cars and trucks will fit within a 10×20. For larger trailers, RVs, and other vehicles you will likely need to pull out the measuring tape as they can require anywhere from 10×40 to 20×60 spaces.
Do I need climate-controlled storage?
Should I winterize my vehicle before storing?
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Section 4 Termination And Other Legal Issues
Termination of the Farm Lease
A farm lease can be terminated in a number of different situations, including:
- Termination at the end of the specified term in the lease. If a tenant remains in possession of the property after the termination date without the consent of the landlord, then the landlord can obtain a court order to have the tenant removed.
- The surrender of the lease by the tenant. That is, the voluntary “giving up” of the lease with the consent of the landlord.
- The merger of the lease. The tenant purchases the leased property from the landlord.
- The foreclosure of the lease, in the event the landlord defaults on any mortgage on the lands, and the mortgagee begins foreclosure proceedings. This would normally only apply if the lease was entered into after the registration of the mortgage in the land registry office.
- The giving of notice by the landlord to the tenant of the intention to terminate the lease. If the lease does not expressly state a termination date, then the landlord is required to give notice in accordance with the Commercial Tenancies Act . Weekly tenants must receive 1 week’s notice monthly tenants receive 1 month’s notice . The legislation appears to be silent on the amount of notice required for a yearly lease, so it is critical the parties set out the appropriate length of notice in the written lease.
Tenant’s “Relief from Forfeiture”
The tenant has certain rights in the event of termination of the lease by the actions of the landlord.
Section 3 Elements Of A Lease Agreement
The Components of a Lease Agreement
A written lease can be as simple or detailed as the landlord and the tenant wish. The following summary presents the items that a lease can contain, categorized under three headings.
Items in Written Lease Agreements
- names and addresses of tenant and landlord
- description of property to be rented
- term and renewal of the lease
- rent payable, payment and use of utilities
- right of inspection and removal of crops
- transfer of property
- rights to assign or sublet the lease
- resolution of differences
- production practices and management decisions
- income support payments, subsidies and reimbursements
- repairs to buildings, fences and improvements
- duty to notify Agricorp
All leases must contain this information:
Names and addresses of the tenant and landlord – Including spouses if required.
Description of property to be rented – Includes the legal description and specifies buildings or areas to be excluded.
Term of the lease – Indicates when it starts and how long it lasts. Although not a basic requirement of a lease, this section should also address the renewal of the lease if the parties wish to maintain the lease agreement for a period of years, including when and how such a renewal will take place.
Rent payable – The amount of rent, how it is calculated and when it is to be paid. In the case of a building lease or where the renter has access to facilities, the payment and use of utilities should also be stipulated.
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