ESSENTIALS

OF A LEASE
AGREEMENT
 A lease agreement is
entered into when one
person gives use and
enjoyment of property to
another for a specified
time and in exchange for a
rental amount
 A commercial lease
agreement is for the
purposes of conducting
commercial operations
from the premises
 A residential lease
agreement is for the
purpose of living in the
rented premises
 A lease agreement
outlines the terms and
conditions of the
agreement between a
landlord and a tenant
 Lease agreements
must be in writing and
signed by both parties
Lease agreements must
comply with the
Consumer Protection
Act
Lease agreements must
not contain any
illegal/unfair/
discriminatory clauses
 Landlords must put the
rental deposit into
another account and
show the tenant proof of
the transaction
 BONUS TIP

There is a difference
between a lease and rental
agreement; a rental
agreement is for a shorter
duration (30 days)/