Today we will talk about the Terminate a Rental Agreement, and this is the last post of the lease agreement. Generally speaking, Terminating a contract means legally ending the contract. Also, there are a variety of reasons why a party can terminate a contract. There are some differences between Commercial Tenancy and Residential Tenancy. Additionally, we will talk about both of them.
TERMINATING A RESIDENTIAL LEASE:
A tenant may terminate the residential lease agreement at the end of a period of the tenancy (e.g. weekly, monthly, quarterly, etc.) or at the end of a term (e.g. for a fixed term of 1 year) by giving notice of termination. A landlord can give a tenant notice of termination (in accordance with the Act) on the grounds that the tenant has persistently failed to pay rent on the date it becomes due and payable.
TERMINATING A COMMERCIAL LEASE:
Month-to-Month Under the Commercial Tenancies Act, a landlord or a tenant can terminate a tenancy. Additionally, they should provide notice one month before the termination. The last day of the tenancy would be the last day of the rental period. One question comes to our mind, what is the termination notice. The notice of termination should include:
- Landlord’s name
- Tenant’s name
- Address of the Unit
- The date that the tenancy should terminate, and
- Date the notice is served.
A fixed-Term (Terminate a Rental Agreement) Tenancy agreement specifies the length or term of the lease. Additionally, once the tenancy ends, the tenant no longer has the right to occupancy the premises. If the tenant continues to occupy the rental after the landlord has requested that the tenant moves out, the tenant may be subject to a penalty.