Commercial property for people running the business in it.

In a triple net lease the tenant pays base rent plus their proportionate share of the three main property costs: realty taxes, building insurance and common area maintenance. The landlord receives a rent figure largely insulated from cost increases. A quoted triple net rate is therefore never what you actually pay, so always ask for the current additional rent estimate before you compare two spaces on price.

TMI means taxes, maintenance and insurance, the additional rent charged on top of base rent in most Ontario commercial leases. It is quoted per square foot per year, estimated at the start of the year and reconciled at year end, which means a shortfall can land as a lump sum invoice. On Mississauga retail it commonly runs from a few dollars to well over ten dollars per square foot.

Generally yes. Commercial purchases and commercial rents are subject to HST, unlike most used residential property. An HST-registered buyer can often self-assess and claim an offsetting input tax credit rather than funding the tax at closing, which materially changes how much cash you need on the day. Sort this out with your accountant and your lawyer before you write the offer.

Sometimes, but treat it as the optimistic end. Commercial lenders typically want 25 to 35 percent down depending on the asset, the tenancy and your covenant. Owner-occupied purchases where your business will use the space often qualify for better terms, and CMHC and BDC programs can improve the picture for a qualifying business. Amortisations are usually shorter than residential, which raises your monthly payment.

It is your personal promise, separate from the corporation, to cover the lease obligations if the business cannot. It defeats much of the point of holding the lease in a corporation and it can follow you for the entire term. Landlords ask for it routinely from newer businesses. It is negotiable: capping it at a set number of months, or having it fall away after a period of clean payment, are both common results.

Five years is the common starting point for retail and office in Mississauga, often with one or two five-year renewal options. Landlords prefer longer terms and will usually offer better inducements, such as free fixturing months or a tenant improvement allowance, in exchange. Shorter terms exist but carry higher rates and less landlord contribution. Negotiate the renewal option carefully, because it is worth real money later.

Rarely, and never assume it. Conversion depends on zoning, the Official Plan designation, Building Code compliance for residential occupancy, parking ratios, servicing and often a formal rezoning or minor variance application. It is a multi-year process with a genuine chance of refusal. If your plan depends on conversion, make the offer conditional on your own zoning and feasibility review, and speak to a planner before you commit.

A phase one is a non-intrusive review of a property's history, past uses, records and visible conditions, carried out to identify whether contamination is likely. Lenders normally require one on commercial and industrial purchases. If it raises a concern, a phase two involves actual soil and groundwater sampling. On any site that has held a gas station, dry cleaner, auto shop or light industrial use, treat it as mandatory.