Rental Glossary: L

Landlord

A business or person who rents or leases a rental unit to another person called the tenant. Landlords of residential properties can have a representative who acts on their behalf, such as the superintendent.

See Property Manager and Superintendent.

Lease (residential)

A rental agreement or contract, usually in writing, between the landlord and the tenant that establishes all the terms of the agreement (i.e. length of the lease, rent amount, etc.) and lasts for a predetermined length of time.

Quebec law requires the use of the standard Regie du Logement lease. However, owners may supplement it with other clauses, as long as the tenant signs off on them and they are not abusive. In the case of a verbal lease, the landlord must give the tenant a form entitled Mandatory Writing within ten days of the agreement.

See Rental Agreement, Month-to-Month Lease, and Periodic Rental Agreement.
See also this article on rental leases in Quebec.

Lessee

The tenant in a leased building.

Lessor

The property owner of a building that leases commercial space to a lessee.

Leveraged Lease

A rental lease agreement where the lessor, by borrowing funds from a lending institution, finances the purchase of the real estate property being leased.

See the article Commercial Real Estate in Montreal: Leasing vs. Owning Commercial Space.

Loss Factor

The percentage of the gross area of a commercial space lost due to walls, doorways, the elevator, etc. The loss factor in Montreal is approximately 15%.

See also the article Montreal Office Space.