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Lease Liability for Ontario IRP

chrising

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BLUF: How long does the CF cover rent after we leave?

I'm 3 months into a 1 year lease and will be posted shortly (<60 days). Does anyone have any experience with how lease liability is administered, especially for how long IRP will pay to cover the rest of the lease in the event that the landlord cannot rent it out.

From what I read in the IRP manual, it's up to the provincial act, for which Ontario I read is the entire duration of the lease.

Don't have access to Brookfield yet, want to give my landlord some more info and some notice.

Thanks,

 

hotei

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Well, this is a topic I am intimately familiar with.

First, the lease liability is "unlimited." I say this after having had to break two leases in three years. One had three months remaining, the other had 7 months remaining. Brookfield, doing their due diligence, will advise you to speak with he landlord and see if anything can be done (unofficially, a "go-away" payment). In my experience however, that is not something that works, especially where Ontario says you owe the balance of the lease.

Now, the other option Brookfield may advise is that you keep the apartment for the remainder of the lease, and they will advance you the rent month-by-month. I would strongly advise AGAINST this. Because ultimately if anything should happen to the apartment, you retain liability. Divest yourself, realizing they will probably rent out the place as soon as you leave.
 
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