Rental Glossary - N
Notice to Quit
A written announcement given by the landlord or the tenant to end a tenancy.
In Quebec, a rental lease can only be terminated on the agreement of both parties or in certain exceptional cases provided for by law. A landlord cannot terminate a lease before it expires, but the landlord has the right to refuse the termination a lease before its expiration, at the tenant's request.
If a tenant wished to not renew their lease, they are obligated to notify the landlord in writing at least three months before the end of the lease.
For this type of commercial lease, the tenant not only pays a fixed rental amount but also expenses on the rented property, including maintenance. Also called triple-net lease or net-net-net lease.
See Gross Lease.
An agreement signed by the tenant that prevents him from being evicted if the property owner fails to pay the mortgage to the bank.