I have worked with landlords for many years, helping them buy and sell their investment properties.
Over the years, I have come across many common questions that are relevant and helpful to the selling process.
I am always happy to answer your questions in person, but for ease of reference, I thought I would share the most commonly asked questions - in case it helps you, too.
I just signed a 12-month lease a few months ago. Can I sell the property?
Yes! Note that the Landlord & Tenant Act requires that the new Buyer assume the Tenant and the lease – at the end of the lease, the new Buyer may give 60-days notice for the tenant to vacate if they want to occupy the property themselves.
Can I take photographs of the property for marketing purposes?
Yes, you have a right to take photographs. It’s good practice to ask the Tenant to remove any personal belongings they don’t want to be photographed in advance of the photographer’s arrival.
I want to do some renovations before selling my investment property. Can I evict the Tenant?
Likely not. Rules about renovating are complicated and the Tenant usually has the right to move back into the property after renovations.
You should contact the Landlord Tenant Board for guidance.
Can I pretend I am moving into the unit myself in order to evict the Tenant and then put it up for sale?
This is a serious violation under the Landlord & Tenant Act. Bad faith evictions come with penalties of up to $25,000.
My Tenant doesn’t want showings before 11 AM or after 6 PM. What should I do?
The Tenant’s obligations require cooperation for showings between 8 AM and 8 PM. You can choose to work with your Tenant if there’s a valid reason for their request (eg – they work until 5 AM and sleep until noon) – but you are under no obligations to be flexible.
How do I evict my Tenant so I can sell my property?
Under Ontario laws, you can not evict a Tenant or ask them to move out. The new Buyer inherits the Tenant and the lease.
If the Tenant is month-to-month (vs in a fixed-term lease), the new Buyer can provide 60 days written notice if they are going to occupy the home themselves, or have a family member move in or need to have a caregiver move in.
Often, in these cases, the Seller provides the required notice on behalf of the new Buyer.
Do you have a question about investment properties that isn’t on this list? Reach out to me! I’d love to answer your question, and even add it to this list to help others. My number is 905-683-7800.
Thanks for reading today’s BLOG!!!
Brian Kondo
Sales Representative / Team Leader
The Brian Kondo Real Estate Team
Re/Max Hallmark First Group Realty Ltd.
905-683-7800 office
905-426-7484 direct
brian@briankondo.com
www.BrianKondo.com
www.BrianKondoTeam.com
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