Document background
The Letter of Intent to Lease Commercial Property is a crucial preliminary step in Canadian commercial lease negotiations, typically used when a potential tenant has identified a suitable commercial space and wishes to formalize their interest before proceeding with a full lease agreement. This document serves as a roadmap for the final lease negotiation, outlining key commercial terms such as rental rates, lease duration, and space requirements. While predominantly non-binding, it demonstrates serious intent and commitment from both parties. The document must align with provincial commercial tenancy laws and regulations, as commercial real estate in Canada is primarily governed at the provincial level. It's particularly useful in complex commercial leasing situations where significant negotiation is anticipated, or where parties need to establish clear preliminary terms before investing in detailed lease drafting and due diligence.
