What does the Residential Tenancies Act outline?

The Residential Tenancies Act specifically outlines the rights and responsibilities of both landlords and tenants within the context of residential leases. This legislation serves as a framework that governs the relationship between the two parties, establishing guidelines for rental agreements, maintenance obligations, security deposits, eviction processes, and the resolution of disputes. Understanding this act is essential for anyone involved in residential real estate, as it ensures both parties know their rights and duties, fostering a fair and regulated rental environment.

The other options do not accurately represent the scope of the Residential Tenancies Act. The process of foreclosure is typically addressed in different legislation focused on mortgages and property ownership, while standards for commercial properties fall under separate regulatory frameworks specific to commercial leases. Tax implications of property ownership are usually covered by tax laws rather than tenancy laws, thus not relating to the core purpose of the Residential Tenancies Act.