Disclaimer: This is not legal advice. It’s merely my own interpretation of what was read from articles on different websites. If you need legal advises, please consult with your legal counsel. The author or anyone else connected with this website, in any way whatsoever, can be responsible for your use of the information contained in …
What is POTL? POTL stands for Parcel of Tied Land (POTL). It is a concept related to Condominium Corporations. To understand POTL, it’s essential to have a basic understanding of Condominium Corporations. There are different types of Condominium Corporations, with the most common being the standard condominium, which includes condo buildings, high-rises, medium-rises, and townhouses. …
As a landlord, there are various ways to handle utilities in different types of rental properties. Let’s explore the options for different building types and how each utility can be managed. 1. Utilities for Single-Family House: All-Inclusive: In this scenario, the landlord pays for all utilities, including gas, water, and hydro. The advantage is that this …
This is a true story that happened to a fellow investor, highlighting the importance of proper property manager vetting and taking necessary steps in case of such incidents. The fellow investor had hired a property manager who was responsible for collecting rent on their behalf.Typically, the property manager would deduct their fees and other expenses …
I am buying an investment property with tenants, do I have to assume the tenants? What are my options? Your Options Assume the tenants Ask for vacant possession on closing Assume the tenants, then try to negotiate with the tenant after closing (e.g. cash for key) Assume the Tenants If the rents are not too …
When it comes to interviewing property managers, I have found it beneficial to follow a structured approach and utilize a spreadsheet to document the results. Below are the questions I include in the spreadsheet, along with a brief explanation. For detailed explanations and insights, I recommend watching the accompanying video. Company: Record the name of …
Can a landlord have a no-pet policy? Landlord can ask if tenants have pet before move-in. Landlord can reject tenants because of their pets. However, after the tenants move in, landlord cannot evict the tenants because of the pet. “No-pet” clause in rental agreement are void in Ontario. When can landlord evict a tenant because …
You can potentially increase the chances of selling your property in a downturn by utilizing a vendor take-back mortgage (VTB). But what exactly is a VTB? It occurs when a seller extends a mortgage to the buyer for a portion of the sale price, essentially acting as the lender. Example Here’s an example to help …
Did you know that tenant can withhold 1 month of rent if you do not provide an Ontario Standard Lease? On February 7, 2018, Ontario’s Ministry of Housing released the new Residential Tenancy Agreement (Standard Form of Lease). It’s also commonly known as the Ontario Standard Lease. This new lease is supposed to make it …
Why is it important to use an Ontario Standard Lease? Read More »
Being a landlord in today’s times can be challenging due to the potential consequences of dealing with a bad tenant. The eviction process, particularly through the Landlord and Tenant Board (LTB), can be time-consuming and frustrating when trying to remove a non-paying tenant efficiently. Moreover, advancements in technology have made it easier for individuals to …
