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What is the Lease Agreement?
The written lease agreement sets out the terms and conditions of the lease.
The owner and the tenants agree on matters such as the amount of rent per week, when the rent will be paid, the method of paying the rent, the number of people who can live in the premises, whether pets can live at the premises, the length of the lease and payment of electricity and water consumption.
What are the periodic and fixed term leases?
The length of the tenancy is considered during the negotiation of the lease agreement.
A fixed term lease guarantees a specific period of time for the tenant to reside in the premises and has a specified end date. During this period the owner does not have any right to terminate the tenancy unless a breach of the terms and conditions of the lease occurs.
The other type of lease is a
. This tenancy has no defined end date. The tenancy can come to an end through either the tenant providing 21 days written notice or through the owner providing 60 days written notice.
What happens to a fixed 12 month lease if the property is sold before the lease is up?
A fixed term lease stays in place when a property is sold. Tenants have the right to remain in the property until the end of the lease. The new owner takes on the same lease rights and obligations of the previous owner.
If a property has sold, how much notice does the owner/agent have to provide the tenant with on a periodic lease?
The Residential Tenancies Act requires a period of written notice to be given of no less than 30 days.
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