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Lease Addendum Change Of Ownership

Lease Addendum Change Of Ownership Template for Canada

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Key Requirements PROMPT example:

Lease Addendum Change Of Ownership

"I need a Lease Addendum Change of Ownership for a 20-unit residential apartment building in Toronto, where ownership is transferring from an individual landlord to a property management corporation effective March 1, 2025, with all existing lease terms to remain unchanged."

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Document background
The Lease Addendum Change Of Ownership is a critical document used in Canadian real estate transactions when there is a transfer of property ownership where active lease agreements exist. This document is essential for maintaining legal compliance with provincial tenancy laws while ensuring a smooth transition of ownership. It is typically used during property sales, corporate restructuring, or transfer of property management responsibilities. The addendum must comply with specific provincial requirements for tenant notification and rights protection, while documenting the transfer of security deposits, updating payment instructions, and providing new ownership contact information. This document helps prevent disputes by clearly establishing the continuation of existing lease terms and conditions under the new ownership.
Suggested Sections

1. Parties: Identifies all parties involved: current landlord (seller), new landlord (buyer), and tenant(s)

2. Background: Provides context about the existing lease agreement and the change in ownership

3. Definitions: Defines key terms used in the addendum including 'Original Lease', 'Effective Date', 'Property', etc.

4. Notice of Transfer: Formal notification of the change in ownership and effective date

5. Confirmation of Lease Terms: Statement confirming all existing lease terms remain in effect

6. New Owner Information: Details of the new owner including contact information and payment instructions

7. Security Deposit Transfer: Confirmation of security deposit transfer to new owner

8. Signatures: Execution section for all parties to sign and date

Optional Sections

1. Property Management Changes: Include when there are changes to property management company or procedures

2. Rent Payment Updates: Include when there are changes to rent payment methods or instructions

3. Insurance Requirements: Include when there are changes to insurance requirements or procedures

4. Maintenance Procedures: Include when there are changes to maintenance request procedures

5. Multiple Property Schedule: Include when the ownership change affects multiple properties under the same lease

Suggested Schedules

1. Schedule A - Property Details: Detailed description of the leased property

2. Schedule B - Original Lease Agreement: Copy of the original lease agreement for reference

3. Schedule C - New Owner's Corporate Documents: If applicable, corporate documentation of new ownership entity

4. Appendix 1 - Updated Contact Information: Comprehensive list of new contact information for landlord, property management, maintenance, etc.

5. Appendix 2 - Updated Payment Instructions: Detailed instructions for rent payments under new ownership

Authors

Alex Denne

Head of Growth (Open Source Law) @ ºÚÁÏÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions























Clauses




















Relevant Industries

Real Estate

Property Management

Residential Housing

Commercial Property

Retail

Industrial

Office Space

Mixed-Use Development

Student Housing

Senior Living

Relevant Teams

Legal

Real Estate Operations

Property Management

Asset Management

Tenant Relations

Compliance

Transaction Management

Investment

Administration

Finance

Relevant Roles

Property Manager

Real Estate Attorney

Legal Counsel

Real Estate Agent

Property Administrator

Lease Administrator

Asset Manager

Portfolio Manager

Real Estate Operations Director

Tenant Relations Manager

Real Estate Transaction Manager

Compliance Officer

Property Owner

Building Manager

Real Estate Investment Manager

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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