When a landlord decides to sell the property, there may be a lot of questions that can arise from this decision. This is particularly true if there are tenants occupying the property. So if you are one of the many property management Ottawa landlords wanting to sell or if you are a tenant of a landlord wanting to sell, here are some of the frequently asked questions and answers that you may want to check out.
Does the landlord have the right to sell the property?
Ye, the landlord has the right to sell the property. He can put up the property in the market for sale provided that it complies with any tenancy agreement in place. Contact us for more details and queries.
What happens if the landlord decides to sell the property and there is a tenant?
When the property management landlord in Ottawa wants to sell but there is a tenant in the property, he has to wait until the end of the tenancy term before closing the deal. However, there are instances when the buyer agrees to assume the tenancy. The landlord will then have to do some negotiation with the current tenant. If they come to an agreement, then the sale can happen even before the end of the tenancy term.
How can the landlord show the property to potential buyers if there is a tenant?
The landlord has to give the tenant a 24 hour notice prior to the showing. The landlord can do the showing of the property from 8am to 8pm. During this time, the tenant may or may not be present on the property. Contact us for more details and queries.
What if the tenant wants to do the showing of the property only when he is present?
With or without the tenant physically present on the property, the landlord can still show the property to the potential buyer as long as there was a 24 hour notice. If the tenant denies showing the property for sale, it will be a breach of the agreement.
What happens if the lease already expires and there is already a sure buyer?
If the lease expires and the buyer has already expressed commitment to purchase the property, then the landlord will give the tenant 60 days’ notice. This gives the tenant enough time to leave the property.
Can the landlord evict the tenant when he decides to sell the property?
No, the landlord can’t evict the tenant just because he wants to sell the property. He has to wait until the end of the lease. However, it is possible to come to an agreement between the tenant and the buyer about an earlier sale of the property.
These are the frequently asked questions and their answers that can help property management Ottawa landlords wanting to sell their property. Contact us for more details and queries.