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Demolition Clause

By on January 9, 2019

A demolition clause gives a landlord the legal right to terminate a tenancy should it be decided that the building would be demolished.

While this seems like a disadvantage to tenants, landlords would usually give proper notice before such events take place.

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Moreover, demolition works require months of planning. There is every likelihood that by the time works would commence, that the leases of tenants would have expired already.

However, those with options to renew will not be able to exercise the condition since there would be no property left to rent.

Demolition clauses are common with older buildings as owner of such real estate knows that reconstructing a new and modern building could increase the value of the improvement sitting on the land.

Thus, it is usually down to a lack of financing options that is preventing them to go ahead.



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