If you`re looking to lease a condominium unit, it`s important to understand the terms of your lease agreement. In particular, if you`re considering a unit in a building managed by OREA (Ontario Real Estate Association), you`ll want to be aware of some key provisions in the OREA condo lease agreement.

One important feature of the OREA condo lease agreement is that it sets out the responsibilities of both the landlord and the tenant. For example, the landlord is typically responsible for maintaining the common areas of the building, while the tenant is responsible for keeping their unit clean and in good condition.

Another key provision of the OREA condo lease agreement is the rent payment schedule. Typically, rent is due on the first day of each month and is payable in advance. Late payments may be subject to late fees, so it`s important to make sure you pay your rent on time.

The OREA condo lease agreement also typically includes provisions related to security deposits. The amount of the security deposit may vary depending on the unit and the landlord, but it is typically equal to one or two months` rent. The security deposit is usually held by the landlord as security against damage to the unit or unpaid rent, and will be returned to the tenant at the end of the lease term if there are no outstanding issues.

If you`re considering leasing a condo unit managed by OREA, it`s important to read the lease agreement carefully and understand all of its provisions. This will help you avoid any misunderstandings or disputes with your landlord during the lease term.

Overall, the OREA condo lease agreement is designed to protect both landlords and tenants and ensure that all parties are aware of their rights and responsibilities. By understanding the terms of the lease agreement, you can make sure that your leasing experience is a positive one.