How the Standard Lease came to be….
The New Standard Lease, a solution in search of a problem, came into being April 30, 2018. For most folk in the industry, Landlords and Tenants alike, this was not an issue. It wasn’t a pressing issue, it just wasn’t an issue at all. Industry players and pundits alike were take aback by the introduction of a new industry wide lease. That is because any lease or tenancy is, and
was, subject to the Residential Tenancies Act (RTA) and the rules therein. In practical terms, every tenancy within the RTA was subject to the same rules, regardless of the language in the individual lease agreements. The RTA is the one ring that rules them all.
So why a new lease? Are there any benefits to this new lease? Doesn’t it resolve issues that weren’t previously addressed? And, most importantly, how can Landlords and Tenants use it to assist themselves? Read more… “The New Standard Lease for Residential Tenancies- Additional Terms for use”