Take, for example, the new Ontario standardized lease.
All residential lease documents signed on or after April 30th, 2018 that are used by a landlord must be the new standardized lease.
This includes single and semi-detached houses, apartment buildings, rented condos and secondary units.
Over the past year, OREA’s Government Relations team lobbied hard to makes sure this standardized lease wasn’t a straitjacket on landlords and REALTORS®.
Specifically, we lobbied officials to ensure that the new lease would not limit a landlord’s ability to include their own terms in the agreement.
Thanks to your Association’s work, the Government included an “additional items” section which provides flexibility to both landlords and tenants.
OREA Form #400
So, what does this mean for the OREA Forms you use everyday?
Well, OREA’s Standard Forms Committee, made up of hard working volunteer REALTORS® like you, as well as legal experts, are currently reviewing OREA’s Form #400 – Agreement to Lease Residential – and its associated clauses for any possible revisions.
Any and all revisions to the form/clauses will be circulated to members once finalized, in advance of April 30th, 2018.
Keep in mind, however, Form #400 has always been used to negotiate terms between landlords and tenants.
The revised Residential Tenancies Act makes it mandatory to have an executed government Standard Lease template. Form #400 can only be used to set up the terms and the Standard Lease template must be used to formalize the actual lease.
Currently, the lease is only offered through the Government’s Forms Repository. Please review the lease to familiarize yourself with it.
Questions? Comments? Our team of Standard Form experts are here to help. Contact them at firstname.lastname@example.org.
Of course, you can always email me at President@orea.com.
Thank you and have a great day,
2018 OREA President