Purdy Team Real Estate Sales Representatives

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THERE ARE MANY MISCONCEPTIONS ABOUT SELLING A HOME THAT HAS A TENANT! Mark Weisleder gives some great advice: Here are 5 things you need to know about Selling a Home that is Tenanted:... 1. First review any lease You cannot terminate a tenancy until the end of the lease. So if the tenant lease extends for another 6 months, they cannot be evicted before the lease ends. In addition, check to make sure the tenant does not have the right to renew the lease for an extra year. If so, then they cannot be evicted until the end of their renewal period. 2. You cannot evict just because you want to sell your home. Even if the lease has ended, you cannot evict a tenant just because you want to list the home for sale. This means that you first have to sign a buyer to an agreement BEFORE you can send the eviction notice to the tenant. This also means no home staging without the tenant agreement. 3. Once agreement signed, you need to give the tenant 60 days’ notice. Once the Buyer signs the offer, then you have to give the tenant the 60 days’ notice using form N12, You should schedule your closing date to match the notice date or to occur shortly after this date to ensure you can deliver vacant possession on closing. A penalty of $25,000 could be payable if the buyer or their family do not stay in the property for at least 12 months after closing. As such, the following clause, contained in my Ontario Guide for Landlords, should be considered: The buyer agrees that they or their immediate family intends to move into the property on closing. In this regard, the seller agrees to provide the applicable 60 days’ notice to the tenant using Form N12 under the Residential Tenancies Act, on behalf of the buyer. The buyer agrees to provide whatever support information may be required to demonstrate that the buyer or their immediate family will in good faith be moving into the property on closing and to indemnify the seller for any damages the seller suffers if the buyer does not remain in the property for at least one year after closing. In the event that the tenant disputes the notice as given, then the parties agree to extend the closing of this transaction to a period not more than 30 days, in order to effect the eviction of the tenant. Monitor the situation carefully It is extremely important to monitor the situation if you are trying to evict a tenant before closing. 4. Monitor the situation carefully It is extremely important to monitor the situation if you are trying to evict a tenant before closing. 5. Practical advice If possible, try and arrange a new place to live for the tenant before you even put the property up for sale. You will not have any issues with home staging, notices or providing vacant possession on closing.