Commercial Lease Forfeiture Notice
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FAQ
The process of forfeiting a commercial lease typically involves serving a notice of forfeiture to the tenant. The notice must clearly state the breach and provide a reasonable period for the tenant to remedy the breach (if capable of remedy).
Once your lease expires, a landlord does not have a legal obligation to offer the same space to you unless you have agreed on a renewal formula and have a clause that guarantees the space when your lease expires.
Give Your Landlord Notice For a monthly lease, you must provide the landlord one month's written notice in advance. If the lease does not specify the lease as monthly, then in ance with the Commercial Tenancies Act, section 28, a month's notice given no later than the end of the month is sufficient notice.
The quick answer is yes. Your commercial landlord has no default legal requirement to renew or extend an existing lease. However, the landlord may be required to renew the lease if the lease agreement allows you to continue to your occupancy beyond the expiry of the current lease term.
Once a property is sold, the buyer becomes the new landlord and the tenancy continues under the same terms. The buyer and the tenants don't need to sign a new tenancy agreement, but may do so if they both agree.