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In the commercial lease agreement Ontario process, the landlord and the tenant enter into an offer to lease or provide a letter of intent to lease. Which includes the summary of the terms and conditions of the original lease which may be a gross or net lease.
The offer to lease can include the provision where the tenant may agree to enter into the landlord’s standard lease. Standard leases are drafted in the format to protect the landlord’s legal rights. From a tenant’s perspective, it is advisable to enter into a formal commercial lease agreement that is acceptable to the landlord and the tenant.
If you are a tenant, our commercial lease agreement Ontario lawyers for commercial property and residential lease lawyers for residential property will make a detailed review of the landlord’s draft lease agreement to ensure that nothing is wrong. Draft comments will be made and discussed with you so that you can understand the important issues and take appropriate action accordingly. Lease reviews are done based on this information.
If you are a landlord, our commercial lease agreement lawyer understands the intentions of the lease to the landlord and draft an appropriate and customized lease agreement. They work with renter’s attorneys to negotiate appropriate terms and ensure that a consensus document is drafted and finalized.
Our Expert Commercial Lease Lawyer and Residential Lease Lawyer will consult with you to understand your specific situation before moving onto the commercial lease agreement Ontario process. They will negotiate and draft a personalized commercial lease agreement or residential lease agreement on behalf of the tenants and landlords. Complex commercial lease agreement Ontario may be needed as per the circumstance. We can help you resolve any issues which may crop up between landlords and tenants. They will also support you in navigating the Residential Tenancies Act and the Commercial Tenancies Act of Ontario.
A lease refers to a contract that is between the lessee (tenant) and the lessor (landlord) where they jointly decide the terms and conditions for the use of an asset. The lease outlines the terms of use of the asset to the lessee, which is guaranteed by the lessor, in return for regular payments over a specified duration of time. In a lease, the lessor retains the ownership of the asset for the time duration mentioned while the lessee gets the right of usage of the asset. The right to sublet the asset including property is usually decided by the parties and written down in the commercial lease agreement as well residential lease agreement.
Residential lease agreements refer to written contracts between the tenants and landlord in which the property rights are transferred for a limited time duration. In Ontario, tenant and landlord responsibilities and rights are governed under the Residential Tenancies Act, 2006 (RTA). In Ontario, the Standard lease applies to the majority of the residential tenancies including apartment buildings, single and semi-detached houses, secondary units (includes basement apartments) and condominiums.
Matters to be taken care of:
∎ Renters have the right to ask their landlord to provide a lease in the standard lease format.
∎ The renter has the right to withhold one month’s rent if the landlord does not provide the standard lease in the 21-day time period.
∎ The renter does not need to pay the rent if they fail to receive the standard lease even within 30 days after the rent withholding started.
∎ Rent can be withheld only for one month, and after that, the renter should pay the rent for the lease term even if they don’t get the standard lease copy.
∎ In the circumstance, where the standard lease has been provided, but terms and conditions are not mutually agreeable, the renter can give a 60 days’ notice to the landlord for premature ending of the tenancy. The notice must be issued within 30 days of receiving the standard lease from the landlord.
At Law Wise, our experienced Real Estate lawyers understand your specific circumstances and provide tailored and customized solutions for each of them. We ensure prompt communication and a professional approach to achieve successful outcomes for you.
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