Landlord 101: Investment Property Basics WHEN YOU WANT TO MOVE INTO A TENATED PROPERTY

If you are a landlord who wants to move into one of your own currently tenanted properties, there are a few things you have to consider before handing out eviction papers.

If the tenant is finished the lease, or is living month to month, the landlord uses what is called an “own use application” and can only be used in conjunction with 60 days notice to vacate. The termination date must be on the last day of the month, any earlier would make the termination date void. If you are about to take possession of a property and you want to move into a tenanted property, you must wait until the closing date, before serving your 60 days notice.

Are you thinking of buying a Co-Op? If so, you may want to think about looking to buy someplace else. If the tenants in the co-op you are looking at, have an occupancy agreement, it is their right to occupy their unit.  The Residential Tenancy Act does not permit owners to take over units for their own use, unless the building has four or less units, or unless the landlord, landlord’s spouse or the child of the parent who is landlord was a previous occupant of the desired unit.

Using an “own use application”: This is an application for vacant possession of so the landlord, the landlord’s spouse or same-sex partner, or landlord’s child can acquire the unit for their own occupation. The person who intends to use the unit must file a Statutory Declaration swearing they will move into the unit. A hearing will be held, providing the tenant an opportunity to dispute the application. The landlord succeeds if they convince the board that they intend to move in, in good faith. It would be considered bad faith to have a tenant move out, and not move into the unit, or move into the unit, then move out and re-rent in a short period of time. If you are caught in a  “bad faith” situation, you may find yourself, as the landlord, liable to pay for the tenant’s moving costs, storage costs, paying for the tenant’s relief including rental increases over a twelve month period, and other out-of-pocket expenses.

As a landlord, you should always obtain legal advice or have your agreements reviewed by a lawyer, before you present them. This way you will always protect yourself against complex situations.

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