Do you own an investment property in Toronto that you’d like to sell? When other people are living in your house, the selling process can become a bit more complicated. In our latest post, learn more about how to sell your house with tenants in Ontario!
If you are a landlord there may come a day when you wish to sell your house. However, if you have tenants you may not want to risk losing those tenants and being stuck with a house that is vacant on the market. Tenants have rights and you want to make sure you aren’t violating them. In this post we discuss common problems that may arise when you try to sell your house in Ontario.
Difficult Tenants
If your tenant has violated their lease, you should be able to evict them without an issue. However, if your tenant is refusing to leave, the eviction process can become long and difficult. By selling your house with tenants directly, you can move on from the property with cash in hand and avoid the headaches of the eviction process. The new buyer will have to go through the eviction process and you can leave the property stress free. Furthermore, a direct sale will help you avoid having to list, market, and show the property, things would likely cause even more tension between you and your difficult tenants.
The Lease Situation
What does your lease situation look like? If you have a month to month lease, ending it shouldn’t be too difficult. You’ will need to provide a fair amount of notice to your tenant, typically 60 days. However, if you have a fixed-term lease, things are a bit different. If you want to sell mid-lease, you’ll either need to sell the property to an investor who will honor the lease, or give your tenant some sort of incentive to move out (such as finding the tenant a new place to live). Some leases contain early-termination clauses that would allow you to end the lease early in certain situations. Remember, the tenant has rights too under the fair housing act, and if you violate those rights, you could find yourself penalized.
Selling Directly
There are many reasons why a direct sale is beneficial for people who need to sell their house with tenants in Ontario. Investors are happy to take over a property that already has a tenant in place, especially when they are in good standing. It saves them time and money advertising, marketing, and showing the property. They won’t have to bother screening tenants or running the background checks because those things have already been done. Even if there is a difficult tenant living in the home, an experienced investor won’t have trouble pursuing the eviction process if the tenant is in violation. They have likely had to do it before, and won’t be bothered by the process.
If you want to sell a house with tenants in Toronto, there are certain ways to go about doing it. Always make sure you are being fair to your tenants, and giving the proper amount of notice. Not only is it the law, but it is the right thing to do.