Fairway - the Victoria Realty Team Blog
Cheri Crause, CPCA
real estate agent in Victoria, BC
Buying a property that is rented out, part 2
Last time I wrote about buying a house with a renter—on a lease—so now here's the story if the tenant rents month to month when you buy.
- The tenant can be given 60 days notice and receive a month’s rent to leave. This request must be 60 days of actual rent time, so the 1st of a month to the end, not from mid-month.
- After receiving this notice, the tenant can leave earlier by giving the landlord 10 days notice. You could ask the seller to do this and they would pay the month’s rent, as well as return the damage deposit.
- The reasons for being asked to leave are that you are having family move in, move in yourself or renovate so much that it is not liveable during the renovations being done. Selling the property is NOT one of the reasons.
- As a buyer, you wouldn’t want to request the seller to give notice to the tenant until you have removed conditions, and they have requested in writing for the seller to do so.
Next time I'll cover the experiences of a single parent selling her house.
- You cannot increase the rent just because you have taken over ownership. Rent can only be increased after they have been there for 12 months, and only by a max of 4% per year in BC.
The opinions expressed are that of the writer and are not to be considered legal opinions.
Posted by Cheri Monday Jun 13, 2011 17:30
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Cheri Crause is a real estate agent in Victoria, BC. This is her blog.
ROYAL LEPAGE COAST CAPITAL REALTY - OAK BAY
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