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Commonly Asked Questions about Residential Lease

What is the most common lease?

Gross Lease Gross leases are most common for commercial properties such as offices and retail space. The tenant pays a single, flat amount that includes rent, taxes, utilities, and insurance. The landlord is responsible for paying taxes, utilities, and insurance from the rent fees.

What is a leased residence?

A lease is a legal, binding contract outlining the terms under which one party agrees to rent property owned by another party. It guarantees the tenant or lessee use of the property and guarantees the property owner or landlord regular payments for a specified period in exchange.

What kind of lease is most common for residential properties?

In a gross lease, the tenant pays a fixed price for rent, and the landlord is responsible for all operating expenses. This is the type of lease most common for residential properties and multifamily real estate because it is considered tenant-friendly.

What does it mean to lease a house in Ontario?

A lease, in the context of Ontarios real estate market, is a fixed-term contract. This means it has a specific start and end date, typically lasting for a standard term of one year.

What is the most common residential lease?

A fixed-term lease is the most traditional lease. Theyre called fixed term because tenants and landlords are agreeing to abide by the lease for a fixed amount of time, normally six to 14 months.

How long can a residential lease be in Ontario?

The term of a lease is typically 12 months. A landlord may ask you to sign a lease for longer, but you dont have to. In Ontario, the Residential Tenancies Act (RTA) sets out rules about what a landlord can and cannot require of a renter in private market rental housing (.ontario.ca/laws/statute/06r17).

What is the most common tenancy in residential leasing?

The most common periodic tenancy is the month-to-month tenancy. rents causes the tenancy to be treated like a periodic tenancy (Civil Code Section 1946).

What is the most popular type of lease?

Net leases A triple net lease, sometimes known as an NNN lease, is the most common type of commercial lease. A triple net lease is a lease whose monthly rent fee does not include operating expenses. Typical operating expenses include insurance, utilities, property taxes and maintenance costs.