If your landlord is selling the property you live in, you have certain rights during the transaction, and you have certain responsibilities. Obviously, as a tenant, you’ll have many questions to ask. When will the sale take place? Can I find a similar residence? How long do I have to make a move?
Probably the most important question for any tenant is whether the landlord can actually ask you to leave. The fact is, every landlord must abide by specific rules and regulations when it comes to selling a property that is tenanted. As for tenants, it’s important to be aware of all their rights.
In Ontario, landlords have the right to sell their property at any time, for any reason. Unless it’s a private sale, a tenant will likely know that a sale is in process. For tenants, it’s important to know that the potential sale of a tenanted property does not necessarily signal the end of their tenancy.
When Your Landlord Is Selling The Property You Live In
When the property you live in is being sold, the new buyer is required to let you stay as long as you want – UNLESS the new buyer (or immediate family member) is planning to move in. In the event that the buyer (or family member) wants to move in, special paperwork must be filed.
As a tenant, if you suspect that a new buyer (or designated family member) is not really going to move into the property, you may choose NOT to move out by the dates detailed in the paperwork. In this case, you are entitled to a formal hearing in front of the Landlord and Tenant Board.
In trying to settle this type of dispute, you and your landlord may agree (with the assistance of a mediator) on some compensation for you moving out. The alternative is to proceed to a hearing, where you would have to substantiate your case and describe the intricacies of your claim.
If your landlord is selling the property you live in, and the new buyer DOES NOT move in, this is considered a “bad-faith eviction”. Unfortunately, this type of eviction is far-too-common – it’s a cash-grab to upsell the rent to the new tenants compared to the rent amount you’re paying.
Understanding Real Estate Transactions and Tax Implications
As real estate tax specialists, the professionals at Rebate4U offer expertise in a range of property transactions. Our focus is on real estate tax rebates, and our priority is providing service that is personal and attentive. In short, we want to ensure that every client is 100% satisfied.
We know that dealing with Canada Revenue Agency can be confusing and time consuming. Which is why our tax specialists can be a very valuable resource. Over the years, Rebate4U has gained an excellent reputation with CRA, allowing for more streamlined application processes.
Find out more about Rebate4U by visiting our company website at www.rebate4u.ca or contact one of our rebate tax specialists to learn more.