If you`re a tenant or landlord in Ontario, it`s important to understand the amendment process for your lease agreement. A lease amendment is a change or addition to the original lease agreement that has been previously signed by both parties. In this article, we`ll be discussing the amendment to lease agreement Ontario and the key things that need to be considered.
Why Amend a Lease Agreement?
There are various reasons why a lease agreement may need to be amended. Some of the common reasons are:
– To extend or shorten the lease period.
– To add or remove tenants from the lease agreement.
– To increase or decrease the rent amount.
– To change the terms and conditions of the lease.
Amending a Lease Agreement in Ontario
The procedure for amending a lease agreement in Ontario can vary depending on the nature of the amendments. However, there are a few general steps that need to be followed:
1. Review the Original Lease Agreement
The first step in amending a lease agreement is to review the original lease agreement. It`s important to make sure that the proposed amendments align with the terms and conditions of the original lease.
2. Draft the Amendments
After reviewing the original lease agreement, the amendments need to be drafted. The amendments should be specific and clear, outlining the changes that are being made. Both parties involved in the lease agreement should review and agree to the proposed amendments.
3. Sign the Amendment
Once the amendments have been drafted and agreed upon, both parties need to sign the amended lease agreement. It`s important to keep a copy of the original lease agreement and the amended lease agreement for future reference.
4. Serve Notice
If the amendments involve changes to the rent amount or lease period, the landlord is required to serve notice to the tenant at least 90 days prior to the changes taking effect.
Key Considerations
When amending a lease agreement in Ontario, there are a few key considerations to keep in mind:
– Both parties involved in the lease agreement need to agree to the amendments.
– The amendments need to align with the terms and conditions of the original lease agreement.
– If the amendments involve changes to the rent amount or lease period, notice needs to be served at least 90 days prior to the changes taking effect.
In Conclusion
Amending a lease agreement in Ontario is a straightforward process that involves reviewing the original lease agreement, drafting the amendments, signing the amended lease agreement, and serving notice if required. It`s important to understand the key considerations when amending a lease agreement and to keep copies of both the original and amended lease agreements for future reference. As a tenant or landlord, understanding the amendment process can help ensure a smooth and successful lease agreement.
