All Forum Posts by: Craig Rout Gallant

I own a duplex and a SFH in downtown Charlottetown. Actively looking to purchase more owner occupied SFHs in the downtown core to convert into short-term rentals that will be serviced by our cleaning company. I'd love to attend to the meetup Thursday but I am unable due to work-related obligations.

Anyone?

Hello,

Preface: I own a duplex in which one half is currently rented on a long-term lease, and I live in the other half. I am actively looking to purchase a second property to live in, and renting out the full duplex. In order to maximize the amount of financing available to me, I was told that I should consider getting a future lease agreement signed. However, I do not want to be in a position where I am unable to close on a property, leaving me potentially homeless.

How would I go about adding an addendum that states that the lease is contingent upon me closing on a home by a specified date? Example: prospective tenant signs lease for Sept 1st, but it is contingent upon me closing on a property by July 1st. This would also allow tenant time to find another place if I were unable to close. Is this just something I need to talk to a real estate lawyer about?

I'm about to put an offer in on a duplex contingent on the current lessor/owner going through the proper channels for removal of tenants before closing date. I will be living in one half but the tenant who lives in the other half is paying below market rate (imo) for the unit. My concern is if I've overlooked anything in terms of tenant law to make sure I can legally remove both tenants. This is an excerpt from the local Rental of Residential Property Act:

"...

Notice of termination where purchaser seeks vacant possession

(1. 1) Where

(a) the lessor is the owner of residential premises comprising not more than two rental units;

(b) the lessor enters into an agreement of sale of the residential premises to a purchaser; and

(c) the purchaser has sworn an affidavit that he wishes to have possession of the premises for occupation by himself, his spouse, children or parents or the parents of his spouse,

the lessor may serve the lessee with a notice of termination to be effective not less than two months after it is served and the notice shall be accompanied by a copy of the affidavit referred to in clause (c).

..."

One of the tenants is currently on month to month, while the other is on a 1 year lease which ends August 1, 2017. Based on the aforementioned rules, would I be able to put as a contingency in the offer that the current owner/lessor provide notice of termination effective Oct 1st, 2017 or would it be Nov 1, 2017? Am I missing something here?