If\nyou\u2019re looking at buying a home that is currently a rental property, there are\na lot of facts you need to know before you sign on the dotted line, especially\nif you\u2019d like to have the home as your primary residence. We\u2019ve outlined the\ntop 3 concerns to help buyers navigate through this unique situation so that\nyou understand your rights and responsibilities along the way. <\/p>\n\n\n\n
1. Buyers\u2019 and tenants\u2019 rights <\/strong><\/p>\n\n\n\n Ontario\nhas clear laws and regulations regarding the rights of tenants and landlords\nalike. When a landlord wants to visit or show an apartment or house for\nexample, tenants are to be given 24 hours notice, and it must fall within 8:00\na.m and 8:00 p.m. Tenants must comply with these showings unless they have a\nlegitimate reason why they cannot. <\/p>\n\n\n\n For\nprospective buyers, they are legally allowed to review the lease and find out\nthe rental amount, length of term, and so on. However, the lease cannot be\nbroken simply because of the sale of the home. <\/p>\n\n\n\n 2. Negotiating the purchase <\/strong><\/p>\n\n\n\n It\u2019s\nillegal to break a lease before it\u2019s expired without due cause, unless the\nowner of the home (or certain family members) plan to move it. In those\ninstances, 60 days\u2019 notice is required. <\/p>\n\n\n\n However,\nas a buyer, you can negotiate a closing date that coincides with the expiry of\nthe lease, but then be sure to tack on the additional notice that you are\nrequired to give the tenant. Alternately, you can request that the seller\nprovide a financial incentive for you to purchase the home and take on the\nlandlord role until such time as the lease expires. Keep in mind that a change\nof ownership doesn\u2019t not mean you can legally raise the rent or alter the terms\nof the lease. <\/p>\n\n\n\n 3. What about moving in yourself? <\/strong><\/p>\n\n\n\n Some\nlandlords try to falsely claim that they plan to move into the home in order to\nget rid of certain tenants. If caught, the landlord can face serious charges\nand pay a hefty penalty. If you want to move in legally, you must follow the\nsteps outlined in the Landlord & Tenant Act. Unfortunately, this may mean\nthat you have to find alternate accommodations until the lease expires on your\nnewly-purchased home, but the good news is that you\u2019ll have the rental income\nto fall back on. <\/p>\n\n\n\n As\nyou can see, buying a property that has tenants comes with some very specific\nand legal parameters. Be sure to retain the services of an experienced real\nestate lawyer who will advise you on your rights and responsibilities; you\ndon\u2019t want any unwelcome surprises popping up at any time during the process.\nConnect with the Ares Law team in Parry Sound; as specialists in real estate\nlaw, we understand the legalities of buying or selling a home with tenants.\nCall today at 705-746-6444. <\/p>\n","protected":false},"excerpt":{"rendered":" If you\u2019re looking at buying a home that is currently a rental property, there are a lot of facts you need to know before you sign on the dotted line, especially if you\u2019d like to have the home as your primary residence. We\u2019ve outlined the…<\/p>\n","protected":false},"author":1,"featured_media":1427,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[138,133,137,134,58,135,136],"class_list":["post-1426","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-eviction","tag-investment-property","tag-landlord","tag-landlord-rights","tag-real-estate-law","tag-renters","tag-tenants"],"yoast_head":"\n