Condo Parking Rental Agreement Ontario

If you`re a condo owner in Ontario who owns a parking space within the building, you may have considered renting it out to a tenant for additional income. However, before doing so, it`s important to create a formal condo parking rental agreement to protect both parties involved.

The first step in creating a condo parking rental agreement is to clearly outline the terms and conditions of the rental arrangement. This includes the rental rate, the duration of the rental agreement, and any additional terms or conditions that both parties must agree to.

The rental rate should reflect the fair market value of parking in the area and should be based on comparable rates for nearby parking garages or lots. The duration of the rental agreement should be clearly stated and may include a renewal clause if the tenant wishes to continue renting the parking space after the initial term.

It`s also important to outline the terms and conditions of the parking rental agreement, which should include rules and regulations regarding the use and care of the parking space. For example, the agreement may prohibit the tenant from storing any hazardous materials or performing any repairs or maintenance on their vehicles within the space.

Additionally, the agreement should include information about responsibilities and obligations for both the tenant and the owner. This may include who is responsible for maintenance and repair of the parking space, liability and insurance coverage, and whether the tenant has the right to assign the parking space to another party.

To ensure that the condo parking rental agreement is legally binding, it`s recommended that both parties sign the agreement in the presence of a witness or notary public. This will make it easier to enforce the terms of the agreement should any disputes arise in the future.

Overall, a well-crafted condo parking rental agreement can help protect both the owner and the tenant and ensure a smooth rental experience. So if you`re considering renting out your parking space, be sure to create a comprehensive agreement that covers all the details of the rental arrangement.