It is one thing to purchase an investment property, but it is crucial to know how to run your investment property effectively. Being an informed Landlord regarding the legislation and rules for your Province, will help you avoid unnecessary headaches and problems when challenging issues arise.
The Legislation In Your Province
Each province and territory has its own legislation for landlords and tenants, Ontario, for example, you should review The Residential Tenancies Act to be better informed on Landlord and Tenant matters. The legislation is not fixed and it changes over time. The rules are not absolute because the court or Tribunal's interpretation of the legislation determines what each rule really means to landlords and tenants.
When Issues Arise
As a Landlord, it is your responsibility to ensure avoidable problems do not occur after the unit is rented. You have to ensure the rental complies with the rules and regulations for health, safety, housing and maintenance, municipal property standards and zoning bylaws, fire safety regulations and building codes. If the unit fails to meet these standards at any point during the tenancy, you must make necessary repairs. You must be aware and take action for all emergency repairs. This would be required when something in the rental unit has broken and the health or safety of your tenant or property is in danger until repairs can be done. It is always a good idea that at the beginning of the tenancy, there is an agreement in place where all parties are aware of their responsibilities regarding repairs and responsibilities.
Termination of a Rental Agreement
When the rental agreement ends, it is important for the party that is ending the tenancy gives proper notice and the requirements vary in each province or territory in Canada.
The Final Inspection
When your tenant moves out, you should inspect the premises together to see if there are any damages, beyond normal wear and tear. At this point, knowing the legislation for deposits concerning damages done to the property is important.
As Realtors, we can help you locate the ideal tenant for your investment property and our knowledge and expertise helps protect our clients to avoid unnecessary headaches and problems when challenging issues arise. Please visit our Property Manager page to see how we can help you today.
This is not to be taken as legal advise. Please consult your lawyer or The Landlord and Tenant Board for any legal advice
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