Commercial Lease Application

Start Your Commercial Rental/Lease Search

Whether You’re Looking To Lease A Home, Office, Retail, Or Commercial Space, Getting Started Is Simple When It’s Done Right From The Beginning.

Step 1: Meet your REALTOR® & review the RECO Guide

Start with a strategy conversation about your business, budget, ideal location, timing, and space needs (size, zoning, parking, signage, special uses).

Before providing services or advice, your REALTOR® must give you the RECO Information Guide and explain your options under TRESA, including what it means to be a client vs. a self-represented party.

Step 2: Sign a representation agreement (if you choose to be a client)

Selling your home is more than putting a sign on the lawn — it’s abo

If you want full representation, you’ll sign a written representation agreement with a brokerage. This document sets out:

The services the brokerage will provide
Duties owed to you (confidentiality, loyalty, etc.)
How the brokerage is paid (commission, fees, or both)
How long the agreement lasts

You can hire a REALTOR® for:

One specific property
A defined small or large area (for example, a business park or downtown strip), or
A type of space (office, retail, industrial, etc.)

If you are working with a REALTOR®, have them book and attend all showings and landlord meetings with you.

Step 3: Clarify your requirements & prepare financials

Before viewing space, be ready with:

Your legal business name and structure (corporation, partnership, sole proprietor)
Summary of your business (what you do, years in operation, locations)
Budget for base rent + additional rent (TMI/operating costs) + utilities
Desired lease term (e.g., 3–5 years) and any renewal options
Any special needs: venting, floor loads, truck access, signage, patio use, licensing, etc.

Landlords often ask for supporting financials, such as:

Financial statements for the business
Bank reference or credit reference
Business plan (for newer businesses)
Personal net-worth or income statement and ID for any guarantors

Step 4: Search, tour properties, and assess fit

Your REALTOR® helps you shortlist properties that match your use, zoning, and budget. During tours, pay attention to:

Layout, ceiling height, access, and loading
Parking, signage visibility, and foot/vehicle traffic
Building systems (HVAC, electrical, plumbing) and any retrofit costs
What’s included in additional rent (TMI/operating costs, common-area maintenance, taxes, insurance)

Ask early about landlord work vs. tenant work (who pays for what in the build-out).

Step 5: Letter of Intent (LOI) or Offer to Lease

Once you identify a space, your REALTOR® helps you prepare a Letter of Intent (LOI) or Offer to Lease that outlines key business terms, such as:

Parties to the lease (tenant/guarantor, landlord)
Premises description and size
Use of the premises (what your business will do there)
Term and renewal options
Base rent and how it escalates
Additional rent (TMI/operating costs) and utilities
Deposit structure and any security or guarantees
Tenant improvement allowance or landlord work
Conditions (for example: financing, lawyer review, permits, franchise/third-party approval)

This document is usually negotiated before a full formal lease is drafted.

Step 6: Landlord review, due diligence, and approvals

The landlord reviews your proposal and supporting information. They may:

Assess your business and financial strength
Request further documents or references
Propose changes to term, rent, or conditions

As a prospective tenant, you should also do your own checks:

Confirm zoning and permitted uses with the municipality
Consider how the space works for staff, customers, and logistics
Think through future growth or potential exit (sublease, assignment, expansion rights)

Step 7: Formal lease drafting & legal review

Once business terms are agreed, the landlord’s lawyer usually prepares a full commercial lease. Commercial leases are detailed contracts and are not covered by the Residential Tenancies Act or LTB. Your rights and obligations largely come from the lease itself, common law, and Ontario’s Commercial Tenancies Act.

Before signing, it is strongly recommended that you:

Have a lawyer experienced in commercial leasing review the lease
Check that all agreed business terms are correctly reflected
Understand clauses on default, personal guarantees, assignment/subletting, exclusivity, relocation, and early termination

Step 8: Deposits, guarantees & insurance

Commercial leases often require:

Security deposit and/or prepaid rent
Personal guarantee or indemnity from business owners (especially for new businesses)
Proof of commercial general liability (CGL) insurance, sometimes with the landlord named as an additional insured

The exact amounts and conditions are negotiated in your lease; there is no standard statutory limit like there is for residential rent deposits.

Step 9: Build-out, possession & opening

After the lease is signed and conditions are satisfied:

Landlord and tenant work (construction, fixturing, permits) is scheduled
A possession date and fixturing period (if any) are set out
You arrange utilities, insurance, licenses, and any inspections

Your REALTOR® can help coordinate with the landlord’s team, but you and your professional advisors remain responsible for design, permits, and compliance with building codes and business regulations.

This roadmap is a general overview for commercial leasing in Ontario, based on TRESA/RECO guidance and general information about commercial tenancies. It is not legal or financial advice. Always consult a lawyer and other professional advisors before signing a commercial lease.

Lease Information Form

Your Requirements

What Property Type are you looking for ?:

What Property Style are you looking for?:

What is your preferred location?:

What is your monthly rent budget ?:

What is the Min. Size you need?:

When do you need to mov-in by?:

if you are renting currently :

Any other Requirements ?:

Do you have pets? How many, what type and what sizes?:

Primary Applicant Info

First Name:

Last Name:

E-mail:

Phone:

Any other applicants ? Share Names:

Household (Primary applicant's) total monthly or yearly income?:

Current Credit Score for each primary applicant:

Have you worked with a registered REALTOR® in the last 2 years?:

Yes No Yes, but not under contract now

Have you been through a rental/lease application process in the last 2 years?:

Yes No

Do you currently rent/lease or own the property you are in?:

Have you ever been evicted from a property:

Have you read the mandatory RECO Information Guide regarding your rights, choices and the advantages of working with a REALTOR®?:

Would you be interested in my full services and Representation you as your Real Estate Agent?:

How would you like me to follow up with you?:

Phone Email Text message

Any properties of interest?:

Document readiness

Do you have a Government-issued ID (all applicants & tenants)?:

Can you get a Full Credit Check Report:

Can you provide references of current & previous landlords and personal references?:

Can you provide a Letter of Employment (or business details, if self employed)?:

Can you provide Last 3 month pay stubs (or bank statements if self-employed)?:

Can you provide Tax statements from the last two years?:

By providing your information, you agree to be contacted by Ved Bhat REALTOR® via call, email, and text for real estate services. To opt out, you can reply 'stop' at any time or reply 'help' for assistance. You can also click the unsubscribe link in the emails. Message and data rates may apply. Message frequency may vary. View our Privacy Policy.

Ved Bhat, REALTOR®

Royal LePage NRC Realty, Brokerage