• Just because the tenants were already there when I purchased my home, does that mean I'm stuck with them or can I evict them? Unfortunately for you, it is not as simple as all that and your tenants are protected by the Tenant Protection Act, which give them rights on correct notice to leave. If they do not wish to move out, they do not have to, though a landlord facing this problem should without question seek legal advice. If you have given the required period of notice and your immediate family is going to occupy the rooms, then the tenants have no option but to go. • My home has a completed basement, is there anything I need to consider before renting it out? This question does not have a clear yes or no explanation, a lot relies on the standard of the basement. Before putting up the For Rent notice, it would be in your interest to check that the basement apartment complies with the Ontario Building Code, Ontario Fire Code, local Zoning By-laws, and other relevant regulations. That will give you the real scoop on what adaptions could need to be completed (such as building another exit) to bring your finished basement into compliance as a secondary unit. • There is a difference between my occupancy date and the registration date, please explain why is this? Whether or not you have moved into your newly built home, from the occupancy date you become accountable for occupancy charges. It does not matter if all the 'finishes' to the condo are done, the occupancy date is the date the flat is considered to be livable. When the condo build is fully registered and has closed, the condo is legally completely yours to reside in or dispose of as you please. • What is a reserve fund? Each condo building, by law has to set aside a lump sum on funding to be spent on community areas of the building when they require repairing or replacing. Money is added to it each time you make a payment for your monthly maintenance fee, though if large repairs are needed this money can disappear fast. • Does the condo corporation or the reserve fund for the condo block take care of things that are broken inside my apartment? Your unit is acknowledged your property - one of the benefits of ownership! Any repairs within the unit are your responsibility. The common space of the condo building are the responsibility of the condo corporation and they will deal with any problems and maintenance of these areas. Guide prepared by Julie Kinnear Team, foremost Condos in Toronto experts
Related Articles -
questions, answers, real estate, condos,
| 
