02/17/2021
Are you a landlord looking to sell your investment? A tenant with a landlord who is selling?
There are rules that apply when selling a tenanted property which you should be aware of, to avoid delays and potential fines.
Notice cannot be given until the property has an accepted offer on it, not at the time it is listed.
Once an offer is accepted and firm a landlord can then give notice to the tenant to vacate...The notice must be 60 days from the date rent period... and must be on the N12 form, available on the LTB website. for example. If the home sells April 4, the 60 days notice period begins May 1st, with vacant possession being June 30. The N12 Form must be used.
A landlord may apply to the housing tribunal for an order of eviction once the notice is served on the tenant and does not need to wait until the notice period expires, as with other notices.
The landlord must compensate the tenant one months rent, or offer another rental unit that is acceptable to the tenant.
If the new purchaser intends to purchase the home as an investment, they must assume the existing tenant.
The lease must be month to month....if you are in a term for a specific time that term must be expired prior to offering the home for vacant occupancy.
I provide this information to ensure that you know the steps involved and that your sale is as smooth as possible, without potential delays. If the process is not completed correctly, there can be delays...
I am providing a link the the list of forms used, please review the form N12 for additional information.
https://tribunalsontario.ca/ltb/forms/ -forms
I hope this information is helpful.
Forms and notices of Ontario’s Landlord and Tenant Board