Ensure Your relationship is accurately documented!
You should not fear the 70 page leases – they are filled with clauses preparing each party for the lengthy complicated relationship about to be entered into. Although a smaller document may be easier to read initially, the parties are often left guessing at their rights and responsibilities in the end.
Be clear from inception!
3 key sections lacking in the OREA Form available to Realtors are:
- Common Area Expenses
- What are the expenses for the common facilities shared by the Tenants at the property?
- Are there any excluded costs??
- Is there administrative fees associated with these costs??
- Transfer Provisions
- Is the Landlord going to restrict the Tenant’s ability to transfer the Lease?
- Does a change in corporate structure of the Tenant constitute a transfer?
- When can the Tenant transfer the Lease?
- Termination Rights
- How is the Tenant able to terminate the Lease?
Don’t be afraid to bring your own Offer to the table if the Landlord doesn’t have their own. Let us help you write it.