A Guide To The Ontario Standardized Lease Agreement
New simplified leases for all parties.
1 min read
Developing a lease agreement can be timely, and is often open to risk if not done correctly. That is why the federal government has released a new standardized lease agreement that helps to simplify the process for tenants, landlords and property managers province-wide.
Why A Standardized Lease?
Before coming into effect, landlords often created lease agreements themselves, given that they follow the Residential Tenancies Act and the Ontario Human Rights Code. Due to this, the rental process was often over complicated for both parties.
What Has Changed?
The new Ontario standardized lease simplifies lease agreements, creating little to no room for error, discrepancies or push back from tenants and landlords. Landlords no longer have the responsibility of making their lease agreements and are now subject to follow one lease format.
What It Accomplishes?
The new standardized leasing structure creates clear communication between all parties involved, outlining what is agreed to upon renting the unit. The agreement will ensure that three key aspects are agreed upon signing by both the tenant and landlord:
The rules of the building are outlined
Special considerations are understood
Agreement to all rental inclusions
Setting clear and concise rental agreements is now easier than ever. The Ontario standardized lease agreement opens a clear communication channel between tenants and landlords, allowing both to enjoy the duration of the tenancy, worry-free.
Reference
Guide to Ontario's Standard Lease. (n.d.). Retrieved March 15, 2021, from https://www.ontario.ca/page/guide-ontarios-standard-lease
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