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?