Lease Agreement versus Tenancy Agreement – What is the difference?
We regularly see clients interpreting lease agreements and tenancy agreements as being the same document. However, while both agreements are similar, it is important to understand the differences. Lease Agreements (“Lease”) A Lease is a contract between a landlord and a tenant for a commercial building. Leases are typically very detailed in regards to the conditions of the tenancy so that there are no discrepancies or issues during the term. Leases cover the responsibilities (“warranties”) of both the tenant and landlord in detail....