Buying or Selling a Tenanted Property - What You Need to Know

Connect with me and my agents at Realosophy Realty to discuss your own real estate questions here:
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Today, I will touch on some common misconceptions and the different scenarios that buyers and sellers might encounter when dealing with tenanted properties.
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#torontorealestate

[@GabeBridges]

Having a Landlord and Tenant Board that so blatantly favors tenants rights is in fact hurting tenants in the long run. Fewer landlords overall. Less supply. Higher rents.

[@marcoalbanese8221]

Great information John! I’ve been a landlord for over 25 years and it’s our LTB system today that hurts the mom & pop landlord and the tenant as well.

[@christelschmidt7468]

Very helpful for buyers and sellers! I hope more Ontarians see this (BC resident here!)

[@Michael-pg7rv]

Man it is quite crazy to me how little power landlords have. I am in a position where I want to move out of my small 1 bedroom condo and move into a bigger place with my girlfriend. One of the biggest hurdles for me is that I would need to either sell my existing condo or rent it out to someone while I move out and pay rent for my own place elsewhere. It scares me to death that I would be stuck with a bad tenant who either decides to stop paying rent or trashes the place forcing me to pay damages. IMO there needs to be more tools that protect landlords.

[@user-vi8ci2bi6b]

Sell it.
Rent with your girlfriend for 3 years.
Buy a 2 bedroom for the same price that you sold your 1 bedroom for.

[@RZaichkowski]

If you talk to tenants, I'm sure they'll say there needs to be more to protect tenants. It's all about perspectives

[@Michael-pg7rv]

@@RZaichkowski I'm all for helping tenants as well such as securing rent control and protection from eviction. But bottom line if the tenant stops paying then landlords should be able to use tools to either evict the tenants quickly (not having to wait a year with the tenant and landlord board) or get court orders to pay rent if the tenant is simply withholding the funds. Landlords get a lot of flack and I totally understand why but they are the one who are taking ALL of the risk.

[@user-hd4wp4td3i]

If seller agrees to sign Vacant Possession in the offer letter, then what are the risk factors for the Buyer?

[@john_pasalis]

The risks to the buyer are that the tenant doesn't move out.
But if the agreement doesn't include a clause saying that the buyer will assume the tenant if they don't vacate, the seller has bigger problems because they will have not fulfilled their obligation to provide vacant possession.

[@blurtam188]

Tenants in Ontario can extort landlords for tens of thousands of dollars! Absolutely nuts!!