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Is There a Tenant In the
House?
By Ann Smith, Broker
Consider this…you’ve looked at
several homes to find the ideal location, number of bedrooms, and updated
kitchen (everything on your “wish” list) and you’ve finally found the
perfect house. The only catch, this house has been rented to tenants.
Are you in the market for income property?
If you’re looking to be a landlord this house isn’t a bad “catch” at all –
in fact, it could be ideal. After all, you don’t have to advertise to find
tenants and these tenants have already developed a track record with the
property (and you’ll want to check what type of track record that is).
If this is your first move into rentals, however, take time to consider
whether you have what it takes to be a landlord. That means everything from
dealing with non-payments...to fixing and repairing units...to evicting
tenants. If it’s a “yes,” you’ll have to decide if you want to continue the
tenancy agreement when taking over the building.
Ontario’s Landlord and Tenant Board’s rules govern the handling of tenancy
agreements and the termination thereof. Landlords are required to give
tenants sufficient notice when ending the tenancy; how much notice depends
on the reason for the termination.
Do you want to move into a tenant-occupied home?
If you want to convert the leased unit into personal use for yourself or
your family members (assuming the house does not have more than three
residential units) you are required to give the tenant written notice of
tenancy termination (using Form N12) at least 60 days prior to the
conversion date. Then you need to apply to the Board for the termination to
take effect (using Form L12). But be aware – in spite of the notice and
application having been started, the tenant still has the choice to deny
the claim.
In either scenario, it’s up to you to learn about the rights of tenants and
landlords. Ask your Realtor for advice and visit the Board’s Web site at
http://www.ltb.gov.on.ca/en/Key_Information/170036.html to get detailed
information about what forms and applications need to be filed for such
tenancy termination and other related topics.
Back to Archive
Ann
Smith, Broker
Your Real
Estate Consultant…For Life! |
