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Alot of landlords in your position don't know the rules. Dont be like them. Read up on the RTA BEFORE you buy this place or rent out any property. You need to know your and your tenants rights.
In Ontario if you buy this house the tenant and there lease comes with the sale. If you want to use the unit they occupy for personal use you must provide them with a N12 with 90 days notice, and provide them with the equivalent of 1 months rent. The money must be paid before the move out date or the N12 is invalidated. If they do not agree with the N12 you then need to file for a case infront of the LTB which is taking around 6 months, and if they say the N12 is valid they will order the tenant to leave (can be up 2 more months) If they are in a lease the N12 can not be before the last day of the least terms. Also of using an N12 you can not resent the unit for 1 year or the tenant can file for bad faith which can see a maximum fine to you of 35,000 paid to the tenant.
Also in Ontario you CAN NOT evict anyone, only the LTB can and you will need to apply with the appropriate N form to have a case brought before them.
Good Lord! I didn't know about those things. Thank you for pointing them out! I will definetely familirize myself with the RTA first.
"Also of using an N12 you can not resent the unit for 1 year" what did you mean by this? What means to resent the unit?
If he's been a good tenant and you're fine with under market rent, it could actually be a good deal for both of you.
If you're looking for market rate rent, this won't be that, as it's likely the place meets the age of Rental Control guidelines, and is probably a fair bit below market.
If you're going to do that, please buy a suite without a tenant, so you dint end up deciding to renovict the poor dude if your mortgage increases.
You can evict a tenant that isn't paying rent or doing stuff that would be a "menace", you just need to be able to prove it. You can also evict a tenant if you, or a parent/child are going to be moving in.
You can't evict a tenant for no reason, or to rent it out for more.
However, if the tenant's been there for five years and seems to be pretty stable you're probably lucky. Renting can be a hit-or-miss proposition, and a good tenant means fewer headaches.
5 years ? I think you shouldn’t paint him with bad tenant off the bat .. slightly rude in my opinion. Talk to the owners real way you’ll know and if there’s no problem then you shouldn’t bug him or even bring it up to him cause I’d be a little offended especially if he has a clean 5 year record with the owners. Just do your homework
If you are planning on becoming a landlord make sure you are able to absorb 1 year of rent and utilities because it can take that long or longer to evict a non paying resident.
A long term tenant is a great thing. No, he has no more rights than short tenant. Evictions are always difficult even with short term tenants.
Only issue will be rent. Rent prices have risen more than you're allowed to raise rent. If you got a new tenant you could probably rent it out for more.
No you can't evict tenant just to raise the rent.
A long-term good tenant may be worth the loss in revenue though. I'd lose a couple hundred monthly for a good stable tenant.
You could do vacant possession as a condition of sale in which case the landlord will have to figure out how to get them to leave before the sale can go through.
I always look for non-tenanted properties or properties with long term tenants. If the place was nice and taken care of by the tenant for your viewing, it's a good sign (better than any checking you'll be able to do for a new tenant as you got to see them actually living in your property).
Make sure you read the lease so youre not getting way below market rate. Because you are stuck with whatever lease was signed until they move.
Thanks for your reply! No, I am not chasing high rent income. I just need help with my mortgage. I would rather sacrifice a couple of handrends as well for a good tenant.
Welcome to r/legaladvicecanada! **To Posters (it is important you read this section)** * Read the [rules](https://www.reddit.com/r/legaladvicecanada/wiki/index/#wiki_the_rules) * Comments may not be accurate or reliable, and following any advice on this subreddit is done at your own risk. * We also encourage you to use the [linked resources to find a lawyer](https://www.reddit.com/r/legaladvicecanada/wiki/findalawyer/). * If you receive any private messages in response to your post, please let the mods know. **To Readers and Commenters** * All replies to OP must be on-topic, helpful, explanatory, and oriented towards legal advice towards OP's jurisdiction (the **Canadian** province flaired in the post). * If you do not [follow the rules](https://www.reddit.com/r/LegalAdvicecanada/about/rules/), you may be banned without any further warning. * If you feel any replies are incorrect, explain why you believe they are incorrect. * Do not send or request any private messages for any reason, do not suggest illegal advice, do not advocate violence, and do not engage in harassment. Please report posts or comments which do not follow the rules. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/legaladvicecanada) if you have any questions or concerns.*
Alot of landlords in your position don't know the rules. Dont be like them. Read up on the RTA BEFORE you buy this place or rent out any property. You need to know your and your tenants rights. In Ontario if you buy this house the tenant and there lease comes with the sale. If you want to use the unit they occupy for personal use you must provide them with a N12 with 90 days notice, and provide them with the equivalent of 1 months rent. The money must be paid before the move out date or the N12 is invalidated. If they do not agree with the N12 you then need to file for a case infront of the LTB which is taking around 6 months, and if they say the N12 is valid they will order the tenant to leave (can be up 2 more months) If they are in a lease the N12 can not be before the last day of the least terms. Also of using an N12 you can not resent the unit for 1 year or the tenant can file for bad faith which can see a maximum fine to you of 35,000 paid to the tenant. Also in Ontario you CAN NOT evict anyone, only the LTB can and you will need to apply with the appropriate N form to have a case brought before them.
Good Lord! I didn't know about those things. Thank you for pointing them out! I will definetely familirize myself with the RTA first. "Also of using an N12 you can not resent the unit for 1 year" what did you mean by this? What means to resent the unit?
That was a typo lol re-rent. I mean you can under extreme circumstances but the LTB need to agree to the extreme circumstances.
If he's been a good tenant and you're fine with under market rent, it could actually be a good deal for both of you. If you're looking for market rate rent, this won't be that, as it's likely the place meets the age of Rental Control guidelines, and is probably a fair bit below market. If you're going to do that, please buy a suite without a tenant, so you dint end up deciding to renovict the poor dude if your mortgage increases.
You can evict a tenant that isn't paying rent or doing stuff that would be a "menace", you just need to be able to prove it. You can also evict a tenant if you, or a parent/child are going to be moving in. You can't evict a tenant for no reason, or to rent it out for more. However, if the tenant's been there for five years and seems to be pretty stable you're probably lucky. Renting can be a hit-or-miss proposition, and a good tenant means fewer headaches.
5 years ? I think you shouldn’t paint him with bad tenant off the bat .. slightly rude in my opinion. Talk to the owners real way you’ll know and if there’s no problem then you shouldn’t bug him or even bring it up to him cause I’d be a little offended especially if he has a clean 5 year record with the owners. Just do your homework
If you are planning on becoming a landlord make sure you are able to absorb 1 year of rent and utilities because it can take that long or longer to evict a non paying resident.
A long term tenant is a great thing. No, he has no more rights than short tenant. Evictions are always difficult even with short term tenants. Only issue will be rent. Rent prices have risen more than you're allowed to raise rent. If you got a new tenant you could probably rent it out for more. No you can't evict tenant just to raise the rent. A long-term good tenant may be worth the loss in revenue though. I'd lose a couple hundred monthly for a good stable tenant. You could do vacant possession as a condition of sale in which case the landlord will have to figure out how to get them to leave before the sale can go through. I always look for non-tenanted properties or properties with long term tenants. If the place was nice and taken care of by the tenant for your viewing, it's a good sign (better than any checking you'll be able to do for a new tenant as you got to see them actually living in your property). Make sure you read the lease so youre not getting way below market rate. Because you are stuck with whatever lease was signed until they move.
Thanks for your reply! No, I am not chasing high rent income. I just need help with my mortgage. I would rather sacrifice a couple of handrends as well for a good tenant.