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New Lease or Amendment?

Do I need to create a new lease if the ownership of the property is assigned from us personally to an LLC or an amendment will work?  If an amendment will work, is there a form here I can use?  Thank you!
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If you are transferring the ownership of the property from your personal name to an LLC (Limited Liability Company), it is generally advisable to create a new lease agreement between the LLC and the tenants. This is because the LLC is a separate legal entity, and it's important to establish a clear contractual relationship between the LLC as the new owner and the tenants.

Creating a new lease agreement allows you to update the parties involved, reflect the new landlord's information, and ensure that the terms and conditions of the lease remain accurate and relevant. It also helps protect the liability and interests of both parties involved.

While there may not be a specific form for this purpose, you can consult a legal professional to assist you in drafting a new lease agreement that meets your specific requirements and complies with the laws and regulations in your province or territory. They can help ensure that the terms are properly outlined, relevant clauses are included, and any necessary legal considerations are addressed.

It's important to note that I can provide general information and guidance, but consulting a legal professional is strongly recommended to ensure compliance with the specific laws and regulations in your jurisdiction and to protect your rights and interests as a landlord.

- This answer was written by AI (ChatGPT) and reviewed by the ezLandlordForms team.

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