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Parking Lease Agreement Ontario

Parking Lease Agreement Ontario: What You Need to Know

If you’re looking to rent out a parking space in Ontario, it’s important to have a solid parking lease agreement in place. Not only does this protect you and your tenant legally, it also ensures that both parties understand the terms of the agreement.

Here are the key points to keep in mind when creating a parking lease agreement in Ontario:

1. Include the Basics

Your parking lease agreement should include the following information:

– The date the agreement was signed

– The names and contact information of the landlord and tenant

– The location of the parking space (including any designated spots)

– The duration of the agreement (start and end date)

– The rental amount and payment terms

– Any rules or restrictions (e.g. no overnight parking, no commercial vehicles)

2. Understand the Residential Tenancies Act (RTA)

In Ontario, parking spaces fall under the Residential Tenancies Act (RTA). This means that if a tenant rents a parking space in conjunction with a residential unit, the RTA applies. As such, it’s important to understand your rights and responsibilities as a landlord under the RTA.

For example, you cannot evict a tenant solely for renting a parking space, and you must adhere to the rules around rent increases and notice periods.

3. Consider Liability and Insurance

It’s a good idea to include a clause in your parking lease agreement outlining liability and insurance. This could include language stating that the tenant is responsible for any damage caused to the parking space or surrounding property, and that they must have liability insurance in place.

As the landlord, you should also have adequate insurance coverage for the property.

4. Use Clear Language

A parking lease agreement should be written in plain language that’s easy to understand. Avoid using legal jargon or complicated terminology that your tenant may not be familiar with. Instead, use simple terms and provide definitions where necessary.

5. Get it in Writing

Finally, it’s crucial to have a written parking lease agreement that’s signed by both parties. This provides a legal record of the agreement and protects both the landlord and tenant in case of any disputes.

Make sure to provide a copy of the agreement to your tenant, and keep a copy for your own records.

By following these tips, you can create a strong parking lease agreement that protects both you and your tenant. Don’t hesitate to consult with a lawyer or other legal professional if you have any questions or concerns.