Question:
Does a residential lease that was originally listed on the MLS get registered the same way a sale does? In other words, can you look it up after to see how much the property was rented for?
Answer:
Third parties are deemed to have knowledge of the rental of properties for periods up to 3 years.
So, if you are the Tenant and you have a 5 year Lease then you may wish to consider registering it in order to give notice of years 4 and 5.
The Lease itself is not registered (although it could be) just a Notice of Lease.
Essentially, this really only applies to commercial tenancies since residential tenancies have security of tenure specified under the Residential Tenancies Act.
Brian Madigan LL.B., Broker