What is a lease?

A lease is a contract between a landlord and a tenant which sets out the terms and conditions governing the rental of a residential property which the landlord is renting to the tenant. Leases may be oral or written, however, to avoid disputes and protect themselves, the parties should enter into a written agreement. In many jurisdictions, an oral lease for a period of more than 1 year cannot be legally enforced.

What type of information must be contained in a lease or rental agreement?

At the very least, a lease must set out the names and addresses of the parties, the amount of the rent, the dates on which the rent must be paid, the duration of the lease, the conditions of occupancy, and the rights and obligations of the parties. Except where the applicable laws provide otherwise, a landlord may rent on such other terms and conditions as are agreed to by the parties.

How can the terms of a lease be changed?

Once it is in effect, a lease for a fixed term cannot be changed during the lease term unless both the landlord and tenant agree to the change(s).

The foregoing summary is provided for information purposes only and is not to be considered legal or business advice. The information may not be complete, accurate or applicable for any particular situation and should not be relied upon.