Are you thinking about selling a tenanted property in Ontario? When other people are living in your house, the selling process can become a bit more complicated. In our latest post, learn more about how to sell your house with tenants in Ontario!
As a landlord, there may come a day when you wish to sell your house. Even if you have tenants, it is your property and you may sell it if you wish. In some cases, you’ll be able to let your tenants know, and it won’t be an issue. However, you also don’t want to risk losing your tenants and being stuck with a vacant house while your house is on the market. That said, the tenants have rights, and you want to make sure you aren’t violating them. Below, we discuss common things that arise when you decide about selling a tenanted property in Ontario.
The Lease Situation
Yes, but only if your building or house has 1-3 units and the person buying the building needs the rental unit for their own use or the use of an immediate family member or a caregiver. You can also evict if the buyer has plans for major repairs or renovations that require a building permit and vacant possession or plans to demolish the property. You’ will need to provide a fair amount of notice to your tenant, typically 60-90 days. If you are in the midst of a fixed-term lease, things are a bit different when selling a tenanted property Ontario. If you want to sell mid-lease, you’ll either need to sell the property to an investor who will honor the lease, or give your tenant some sort of incentive to move out. Remember, the tenant has rights under the Residential Tenancies Act, and if you violate those rights, you could find yourself penalized.
Selling A Tenanted Property Ontario – If You Have Difficult Tenants
If your tenant has violated their lease, you should be able to evict them without an issue. That said, if your tenant is refusing to leave, the eviction process can become long and arduous. Most landlords try to avoid dealing with evictions at all costs. By selling your house with tenants directly, you’ll be able to avoid the eviction process yourself and be able to move on from the property with cash in hand. Many direct buyers will simply take over the lease and business will go on as usual. If the tenants are in violation of the lease, the buyer will go through the eviction process as necessary. Plus, a direct sale will help you avoid having to list, market, and show the property, things would likely cause even more tension between you and your difficult tenants when selling a tenanted property Ontario. Let’s facet it, evicting a tenant is a stressful situation and you probably just don’t want to deal with the headache.
There are many reasons why a direct sale is beneficial when selling a tenanted property Ontario. Investors are happy to take over a property that already has a tenant in place, especially when they are in good standing. It saves them time and money advertising, marketing, and showing the property. They won’t have to bother screening tenants or running the background checks because those things have already been done. Even if there is a difficult tenant living in the home, an experienced investor won’t have trouble pursuing the eviction process if the tenant is in violation. They have likely had to do it before, and won’t be bothered by the process.
When selling a tenanted property Ontario, there are certain ways to go about doing it. Always make sure you are being fair to your tenants, and giving the proper amount of notice. Not only is it the law, but it is the right thing to do. This property is your tenant’s home and someone’s home should be treated with great respect.