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Landlords, Be Careful!

Posted November 3rd, 2009 under pitfalls, smart buying, smart selling.

Recently, I have noted several rental property owners demanding a security deposit in addition to the first and last months of rent.

This is actually against the Tenancy Act. If convicted, the landlord can be fined up to $25,000! Under the Tenancy Act, the only deposit a landlord can demand is the first and last months of rent.

I have also encountered landlords who gave their tenant notice to vacate because the landlord was selling, even though the tenant had a lease agreement.

This is also against the Tenancy Act. A landlord can only give notice for the end of the lease term. If the lease is month-to-month, the landlord can only give notice if a deal is in place with a Buyer who wishes to move into the property. (Of course, if the tenant is happy to move out early, everything is fine—but they cannot be forced out.)

Landlords would do well to follow procedure in these two situations, to protect themselves against costly fines.

Want to know more about the Tenancy Act and how it affects you? Just ask me, I'll be happy to help.