Things to Know When They Have to Go

Sign of the times is that quite a few investment properties, mostly condos, have been put on the market.  Investors can't raise rents to offset large increases in operating costs & the resale market is pretty strong.  Some are choosing to cash in and/or cut their losses.

The bad news for renters is that these homes are being sold to Buyers who want to occupy them.  With tenants in place at below market rents, there isn't much incentive for investors to buy.

If you're a Buyer purchasing a property to move into, there are rules that must be followed to give proper time & notice to the current tenants may not have a home ready to move into.

Your realtor should know the protocols required but it doesn't hurt to familiarize yourself by going to the government website  where it's clearly laid out.

Timing is everything so when submitting an offer, it's important to find out if the tenant is month to month & the dates.  Usually tenancy runs from the first of every month, so the Buyer must ask the Seller (landlord) to give notice prior to the next 1st of the month & provide 2 months notice.  This is done with Subject Removal.

Once those dates are established, the Buyer knows the Possession date for moving in which will then be in the Contract of Purchase & Sale.  There is a form that the Buyer's agent must submit confirming the names of the Buyers & that they will be moving in, not assuming tenancy.  That authorizes the Seller to give proper notice to the tenants.

If any of this is missed, it can create problems for everyone involved.  Be smart & get informed, both as a Seller & Buyer.


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