Landlord Alert: The Guide to Dealing with Residential Tenant Issues | Episode 51

Are you currently a residential landlord in Ontario? Do  you plan on becoming one? A residential tenant? Today's episode is for YOU!  David and David take an in-depth look into residential tenants issues. Many of the common challenges you will encounter as a landlord, as well as tenant considerations. When buying and selling real estate, you may encounter tenants in the property. Can you still close? How do you deal with it? Find many of the answers you need as David and David share their knowledge and experiences on residential tenancies. We value your feedback- feel free to leave your comments and questions and please share this episode with your friends and colleagues. Landlord and tenant matters can be very tricky and having the right professionals in your corner can make all the difference! Agenda for today's episode: Ontario Standard lease is now mandatory Residential Tenancies Act (RTA): “To provide protection for residential tenants from unlawful rent increases and unlawful evictions…” Understanding the process and seeking practical solutions Best practices when representing tenants Best practices when representing landlords Selling an investment property that is occupied by a tenant: - assuming tenants (adjustments, interest on deposit, terms in lease, options to purchase) - require vacant possession When marketing the property, be sure to include details of the lease, including rental income, expiry date of the lease period, security deposit, interest on deposit, etc. Not required by RTA to disclose potential sale to Tenants, however it is beneficial for all parties to disclose as early as possible. Landlord and tenant can always negotiate and agree in writing to terminate a tenancy on an agreed upon date. Landlord can provide financial incentive. Two lawful scenarios to require a tenant to vacate: 1. Buyer intends to occupy or immediate family member to occupy. Buyer to swear an affidavit that Buyer will be moving in or immediate family will be moving in; tenant has full 60 calendar days starting at the beginning of the month to vacate. Landlord needs to provide tenant with 1 month of rent 2. substantial renovation Despite proper and good faith notice being provided, tenant simply refuses to leave the property – now what? One possible solution is to obtain an extension of the closing date. If the Buyer agrees, Buyer will require Seller to cover any costs/expenses incurred due to the delay in closing. Another possible solution is to an offer an incentive or abatement of the Purchase Price to Buyer, so that Buyer may agree to close and assume the responsibility of evicting tenant. Co-operation of the tenant will be required whether tenant vacates or Buyer assumes tenant. Landlord needs declutter, staging, showings, inspections, visitations, appraisals, repairs, etc. Best practice: have the best possible relationship with the tenant. Bring the tenant a bottle of wine, or fruit basket to apologize for any inconvenience, maybe offer to buy them dinner and give them a gift card, or arrange for a hotel. Best practice: follow the requisite formalities and let the tenant know you have done so, i.e. file the N12 application with the Landlord and Tenant Board as soon as it is served upon the tenant (saving 60 days of waiting if there is resistance). ____________________________________________________________  STAY CONNECTED:  🔗 Get a free consultation: https://linktr.ee/KormansLLP ✔ INSTAGRAM: https://www.instagram.com/kormansllp/ ✔ TIKTOK: https://www.tiktok.com/@kormansllp ✔ TWITTER: https://twitter.com/kormansllp ✔ FACEBOOK: https://www.facebook.com/kormansLLP ✔ LINKEDIN: https://ca.linkedin.com/company/kormansllp