If you’re thinking about listing your property for sale while the tenants are still occupying the unit, various issues may arise, as full tenant cooperation is needed to allow viewings and a smooth transition for the sale.
Questions you may ask before deciding to sell a unit currently rented to tenants:
- If the unit is sold to an owner interested in moving in, what is the notice period required under the Residential Tenancy Act?
- Do you need to give any compensation to the tenant?
- What if there are still a few months left before the fixed term lease expires?
- What if it’s a month-to-month tenancy?
- What happens if the tenant doesn’t want to move?
The first thing you must do is review your tenancy agreement and see what type of tenancy you have arranged with the tenant.
Month-to-Month Tenancy Agreements
In the normal course, 2 (two) calendar months notice to end tenancy is required with a month-to-month tenancy agreement. You’re also required to give one month’s free rent as compensation.
Fixed Term Tenancy
Find out if you need to pay any compensation for ending the tenancy. It could also get a bit complicated when the tenant gives notice upon receipt of your notice for end of tenancy.
At RHOME-Associa’s Rental Division, we have experienced and licensed property managers who can assist you with the day-to-day management of your investment unit. If you’re interested in our services, please visit us online at https://www.rhomepm.ca/ or contact RHOME by phone at 604-591-6060.