The government of Ontario has announced they will further regulate private residential leases. Effective April 30th, 2018, landlords and tenants will be required to formalize all private residential leases using a standardized form. The government is seeking to make the lease form easier to understand and also reduce the instance of illegal lease clauses. The hope is that this will also reduce tenancy disputes and the need for intervention by the tenant and landlord council.
Benjamins Realty Inc. welcomes this approach from the government. It may benefit new residential real estate investors. In the past, new landlords may have paid a lawyer or a leasing agent to draft a lease; this simplifies the process.
Landlords will also note that the form includes an “additional items” section, thereby allowing tenants and landlords to include further terms and conditions which may not be covered by the standard form.
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