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Introduction to the Principles of Commercial Leasing

Instructor: Michael Leroux Pre-requisites: Must hold a valid license for trading under the Real Estate Services Act. PDP accredited: Cat. B - 6 credits

This course offers an introduction to commercial leases. It is designed for the residential REALTORĀ® who may be interested in gaining understanding and knowledge of the basic components of an Offer to Lease, and the leasing process.

The Landlord/Tenant relationship is very different than a seller/buyer relationship. There are many important issues that can adversely affect this business relationship if the lease agreement is poorly understood or poorly constructed. Landlords and tenants look to REALTORSĀ® for their expertise and guidance in completing a successful leasing process.

In this introductory course, participants will be introduced to how a commercial lease is created and its basic component parts, certain significant provisions, and the different types of commercial leases. Using a case study, participants will take part in a hands-on activity to prepare a simple and binding Offer to Lease.

The concepts which will be learned will have application to commercial retail units, office space and warehouse premises.

Learning Outcomes: Upon completion of the course, participants will be able to:

  • Define the basic terminology of commercial leases.
  • Describe the different types of tenancies.
  • Explain the essential elements of a commercial lease.
  • Identify the different types of commercial leases.
  • Recognize the common provisions of commercial leases.
  • Identify key differences between leases of strata lots and standard commercial premises.
  • Describe the differences between Guarantor, Indemnitor and Covenantor and when to apply them.
  • Successfully prepare a simple and binding Offer to Lease including avoiding key risks and errors.
  • Real Estate Board of Greater Vancouver 2433 Spruce Street, Vancouver, BC