Last week, we ended our mini blog series on the legal nuts and bolts of private residential rentals. As it happens, the Ministry of Housing recently announced new rules obligating landlords and tenants to use templated lease agreements starting this spring.
Homeowners who rent out a secondary unit hope for the best of scenarios: a regular source of extra income and a smooth landlord-tenant relationship. But, even if a unit is completely separate, carving out a piece of one's home for a tenancy can easily ignite into discord and problems. Our post this week is the last in a series on legal basics for homeowner-landlords. We finish with an overview of a landlord's last resort for handling troublesome tenants.
How do some enterprising homeowners generate extra income to pay down the mortgage? One solution is to rent out a basement apartment, in-law suite or secondary unit on one's own property. Yet, running a rental unit is not always as straightforward as collecting a monthly rent cheque. Prudent homeowner-landlords stay abreast of applicable legalities.
Homeowners who rent out a basement or secondary unit expect to reap a steady flow of extra income. Something new landlords do not always anticipate is tenant woes along the way. In this, our third in a mini blog series on renting out a piece of one's real estate, we review two bottom-line concerns for landlords: rent increases and nonpayment.
Last week, we started a mini blog series about legal fundamentals for homeowners looking to earn income through a rental unit. In our second installment this week, we'll look at a few more preliminaries of renting out a piece of one's real estate - leases and deposits.
For many new buyers in Ontario, housing prices are catapulting into the near-unreachable. In an effort to seize a piece of the real estate market and make mortgage payments, some enterprising individuals harvest extra income by renting out a basement or secondary unit on their property.
Real estate transactions can go sour for any number of reasons. It could be financing, timing issues, failure to fulfil a condition of sale, or some other cause related to the deal itself. But what happens when dispute shifts focus onto the sales agent or broker? The Real Estate Council of Ontario (RECO) provides a framework to address consumer complaints.
Buying or selling real estate is a significant journey. In the ideal scenario, the experience is easy and everyone walks away happy. What happens when the road is not as smooth?
Back in 2015, the Protecting Condominium Owners Act became law in Ontario. It was the culmination of over 200 recommendations and represented the province's first major reformation of condo law in 16 years.
Which items stay with a home? Which ones leave with the seller? - These are age-old questions and among the most common sources of disagreements in real estate deals. The answers are not always clear-cut, but depend on the interpretation of chattels and fixtures.