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Some suggestions to owners for "smoother" leasing
If you are short of time, please save this information to disk by clicking on "File" "Save As" on the Browser menu bar or note the following to get you quickly on a proper footing for leasing of commercial property -
- Make sure that you know what is being leased - do you need a subleasing plan?
- Have you got a blank copy of the lease yourself so you know what your lawyer is going to offer a tenant? It is important that you also know the terms of the lease! And also, do you have one to give to a prospective tenant?
- Have you got a blank copy of a Disclosure Statement so that you can fill in the details when you are discussing the lease details with the tenant?
- The preparation of an effective lease requires not only the signing of documents but also the consent of any lender which has a mortgage over the property being leased. You can get a standard form of consent from you lender for your documents and also ask about their charges. It is all available to you so you can be prepared.
And lastly the lease must be registered at the Land Titles Office.
We will explain the procedure in greater detail -
- If a lease is for more than 3 years then for the protection of both the owner and the tenant, then lease should be registered at the Land Titles Office.
- Before the Land Titles Office accepts a lease for registration it must be in a particular form as well as in relation to a land 'parcel' which is registered at the Land Titles Office.
- Where the area being leased does not have a title of its own, because it is part of a larger area, then a subleasing plan must be registered at the Land Titles Office before a lease can be registered. The preparation of a subleasing plan generally requires the assistance of a registered surveyor.
- Once a subleasing plan has been prepared, lodged and registered at the Land Titles Office, then a lease may be registered.
Consequently, to ensure that the leasing procedure is 'smooth', a subleasing plan or at least a draft of it should be in place before you even advertise the premises or early in the negotiations with a tenant. It is possible to draw a subleasing plan in such a way that anticipates the needs of almost any tenant.
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