Orea Form Lease Agreement
The new rental form is written in plain language and will be available to record basic information such as names and addresses, total rent and when it is due, as well as all rules or conditions regarding the rental unit and building. In addition, the rights and obligations of the tenant and the lessor are exposed and what may or may not be included in a tenancy agreement. The OREA encourages its members to review the new standard rental that can be found here. From April 30, 2018, all leases used by a lessor will have to be the new standardized lease. For all leases signed after this date that are not compatible with the standard tenancy, the tenant has the right to request a standard tenancy agreement in writing from the landlord. The owner is required to submit them within 21 days of the request. If one of them is not made available, the tenant can withhold one month`s rent. The OREA Model Forms Committee will meet in the coming months to discuss changes to the association`s clauses and forms to reflect this change. OREA will continue to inform REALTORS® and local boards of directors of the impact of the new lease. If you have any questions, please contact the OREA government team at email@example.com. OREA worked closely with the Ministry of Housing and participated in its consultations on the creation of a standardized lease.
The OREA wanted to ensure that landlords and tenants had some flexibility in rental conditions. We were pleased that an “additional items” section was included in the lease.