PROPERTY MANAGEMENT
Why Lease Agreements Are Crucial
PROPERTY MANAGEMENT
However, as more investors dive into this market, it becomes crucial for property owners to protect their investments by ensuring that lease agreements are meticulously drafted. Grant Smee, CEO of Only Realty Property Group, emphasizes that a well-constructed lease agreement is essential for protecting both landlords and tenants under the provisions of the Rental Housing Act.
Why Lease Agreements Are Crucial
According to Smee, the Rental Housing Act is in place to protect both tenants and landlords, but it requires a written lease agreement that clearly outlines the rights and responsibilities of both parties.“ Without a lease agreement, landlords expose themselves to unnecessary risks and costly legal disputes,” Smee warns. Even if the tenant is a close friend or family member, relying on a handshake deal does not provide the necessary legal protection.
A solid lease agreement can serve as a guide in the event of any disputes or misunderstandings, making it easier for landlords to take appropriate legal action when necessary. This might include pursuing court action through the Rental Housing Tribunal if a tenant defaults on their rent or damages the property.
80 REI MAGAZINE APRIL 2025