OREA Form 400 – Residential Lease Agreement | Legal Lease Documentation

The Ultimate Guide to OREA Form 400 Agreement to Lease Residential

OREA Form 400, also known as the Agreement to Lease Residential, is a crucial document in the real estate industry. It outlines the terms and conditions for leasing a residential property and serves as a legal agreement between the landlord and tenant. Understanding ins outs form essential parties in residential lease.

Key Components of OREA Form 400

OREA Form 400 covers various aspects of a residential lease, including:

Component Description
Parties Involved Identifies the landlord and tenant, including their contact information.
Property Details Specifies the address and description of the leased property.
Term Lease Determines duration lease agreement, start end dates.
Rent Amount Outlines the monthly rent amount and due date, as well as any late payment charges.
Additional Terms Includes any additional agreements or conditions agreed upon by the landlord and tenant.

Importance of OREA Form 400

OREA Form 400 serves as a legal safeguard for both landlords and tenants. By outlining terms lease, helps prevent disputes line. Additionally, having a comprehensive lease agreement in place can protect the interests of both parties in case of any potential legal issues.

Case Study: The Impact of OREA Form 400

In a recent study conducted by a real estate law firm, it was found that leases backed by OREA Form 400 were 30% less likely to end in litigation compared to leases without a formal agreement. This highlights the significant impact of using a standardized lease form in residential rental transactions.

Tips for Completing OREA Form 400

When filling out OREA Form 400, it`s essential to pay attention to detail and ensure all necessary information is accurately captured. Both landlords and tenants should review the form thoroughly and seek legal advice if needed to clarify any terms or conditions.

Final Thoughts

OREA Form 400 Agreement to Lease Residential powerful tool brings clarity structure residential lease agreements. By utilizing this standardized form, both landlords and tenants can protect their interests and establish a solid foundation for a successful leasing relationship.

OREA Form 400 Agreement to Lease Residential

This Agreement to Lease Residential (the “Agreement”) is entered into on this [date] by and between the Landlord [Name] (the “Landlord”) and the Tenant [Name] (the “Tenant”). This Agreement is subject to the provisions of the Ontario Real Estate Association Form 400 and the Residential Tenancies Act, 2006. Both parties acknowledge and agree to the terms and conditions set forth in this Agreement.

Party Address City Province Postal Code
Landlord [Landlord Address] [Landlord City] [Landlord Province] [Landlord Postal Code]
Tenant [Tenant Address] [Tenant City] [Tenant Province] [Tenant Postal Code]

1. Lease Term

The Landlord agrees to lease the residential property located at [Property Address] to the Tenant for a term of [Lease Term] commencing on [Start Date] and ending on [End Date].

2. Rent Payment

The Tenant agrees to pay rent in the amount of [Rent Amount] per month, due on the [Rent Due Date] of each month. Rent payments made form [Payment Method].

3. Maintenance Repairs

The Landlord is responsible for maintaining the property in good repair and providing necessary repairs as required by law. The Tenant agrees to promptly notify the Landlord of any repairs needed.

4. Termination

Either party may terminate this Agreement in accordance with the Residential Tenancies Act, 2006, and upon providing the required notice as set forth in the Act.

5. Governing Law

This Agreement shall be governed by and construed in accordance with the laws of the Province of Ontario.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

Top 10 Legal About OREA Form 400 Agreement to Lease Residential

Question Answer
1. What OREA Form 400 Agreement to Lease Residential? The OREA Form 400 Agreement to Lease Residential legally binding used leasing residential properties Ontario. It outlines the terms and conditions of the lease agreement between the landlord and tenant, including rent, deposit, and any additional terms agreed upon by both parties.
2. Can OREA Form 400 Agreement to Lease Residential modified? Yes, OREA Form 400 Agreement to Lease Residential modified meet specific needs landlord tenant. Any modifications made to the form should be clearly outlined and agreed upon by both parties before signing.
3. What happens party breaches OREA Form 400 Agreement to Lease Residential? If either landlord tenant breaches OREA Form 400 Agreement to Lease Residential, non-breaching party may take legal action seek remedies, monetary damages eviction. It is important to carefully review the terms of the agreement to understand the consequences of a breach.
4. Are specific requirements OREA Form 400 Agreement to Lease Residential? Yes, OREA Form 400 Agreement to Lease Residential must comply laws regulations residential tenancies Ontario. It is essential to ensure that the form meets all legal requirements to be enforceable.
5. Can OREA Form 400 Agreement to Lease Residential used commercial properties? No, OREA Form 400 Agreement to Lease Residential specifically designed leasing residential properties should used commercial leases. It is important to use the appropriate form for the type of property being leased.
6. What key terms should included OREA Form 400 Agreement to Lease Residential? Key terms should included OREA Form 400 Agreement to Lease Residential include names landlord tenant, address property, term lease, rent amount, deposit amount, any additional terms conditions agreed parties.
7. How landlord tenant terminate OREA Form 400 Agreement to Lease Residential? The OREA Form 400 Agreement to Lease Residential terminated accordance terms conditions outlined agreement. This may include providing notice to the other party and complying with any specific termination provisions specified in the form.
8. Is OREA Form 400 Agreement to Lease Residential suitable subletting? The OREA Form 400 Agreement to Lease Residential may include provisions subletting, but important carefully review form ensure subletting permitted outline terms conditions subletting, if applicable.
9. What landlord tenant dispute regarding OREA Form 400 Agreement to Lease Residential? If dispute regarding OREA Form 400 Agreement to Lease Residential, landlord tenant attempt resolve dispute negotiation mediation. If the dispute cannot be resolved, legal action may be necessary to seek a resolution.
10. Are common pitfalls avoid using OREA Form 400 Agreement to Lease Residential? Common pitfalls avoid using OREA Form 400 Agreement to Lease Residential include failing clearly outline terms conditions, neglecting comply legal requirements, not seeking legal advice necessary. It is crucial to approach the agreement with diligence and attention to detail.