subject: Some Helpful Questions and Answers for Landlords [print this page] Can I evict the tenants that came with the real estate I purchased, and get my own tenants in there?
Unfortunately for you, it is not as easy as all that and your tenants are shielded by the Tenant Protection Act, which give them rights on correct notice to leave. A further point to consider is that if a tenant does not wish to leave, then they don't have to; therefore in these circumstances you should consult somebody qualified in this area. One exception: If the homeowner's immediate family is to take up the currently tenanted area, a homeowner may give proper legal notice to vacate to the tenants, which must be complied with.
Am I able to lease out my completed basement?
As with renting out any type of building there are things that must be complied with. There are quite a few regulations covering rented areas, such as Fire Codes, Zoning By-laws to name a couple, so it is in your interest to check on whether the space complies with all pertinent legislations before advertising it. By finding out about these regulations it will give you an idea on what must be completed before the rented unit is advertised.
There is a contrast between my occupancy date and the condo's registration date, please explain why is this?
Whether or not you have moved into your newly built condo, from the occupancy date you become liable for occupancy charges. It does not matter if all the 'finishes' to the condo are carried out, the occupancy date is the date the unit is considered to be livable. The registration date applies to the date the condo build is completely registered and closed and the condo is yours legally to do with as you please.
What is a reserve fund and what is it for?
Each condo building, by law has to set aside a lump sum on funding to be spent on community areas of the building when they are due for repairing or replacing. Money is added to it each time you make a payment for your monthly maintenance charge, though if large repairs are needed this money can disappear rapidly.
If an item breaks in my flat, do I have to mend it or does the condo corporation take care of it?
The condo and all items inside of it belongs to you once you have purchased it. Any repairs within the condo are your responsibility. The shared areas of the condo building are the responsibility of the condo corporation and they will deal with any issues and maintenance of these areas.
Guide answered by Julie Kinnear Team, leading Condos in Toronto brokers
