Many people are buying real estate as an investment, and must lease the property to a tenant to create income.
A lease is a contract between an owner and a renter and should be complete and clear as to the terms of the rental relationship. Residential properties in Ontario are subject to rent control and other legislative requirements which are designed to protect the rights of tenants.
As of April 30, 2018 the Ontario Provincial Government has instituted a standard form of Residential Lease, which is to be used by all landlords entering into lease agreement with tenants following April 30, 2018.
While the standard form of lease purports to cover most general concerns of both a landlord and tenant, there are those who may wish to implement more stringent terms, over and above what the standard form of the lease provides. This will require the input and advice of your lawyer to draft the further necessary terms.