With the Real Estate market skyrocketing the past several years, many individuals have chosen to purchase property as an investment. Being a Landlord can be tricky, here are answers to common questions you may have as a Landlord.
- Rent Increase: Once every 12 months. Landlord must give tenant 90-day written notice of increase.
- Amount of Rent Increase: Increase’s in rent must meet the guidelines set each year by the Ministry of Municipal Affairs and Housing.
- Late Rent: If a tenant does not pay when rent is due, you can give a Notice to End a Tenancy Early for Non-payment of Rent, the day after the rent was due.
- Can you evict a Tenant who has a pet: No you cannot, unless the following applies:
- The pet is making too much noise, damaging the unit or causing other tenants to have allergic reactions;
- The breed or species is inherently dangerous
- The rules of the condominium corporation do not allow pets like the one tenant has.
- Does a Fixed Term Lease Automatically Renew? Tenancy does not end, unless:
- The landlord or the tenant gives proper notice to end the tenancy for a reason permitted in the Residential Tenancies Act.
- The landlord and tenant both agree that the tenancy will end.
- The LTB or the court has issued an order ending the tenancy.
Otherwise the tenancy will renew automatically with the same terms and conditions. However the tenancy will become a month-to-month agreement instead.
For other great information and more forms, check out the Landlord and Tenant Board website http://www.sjto.gov.on.ca/ltb/help-for-landlords/
Be smart and stay ahead of the crowd.