Buying a Rental Property: Residential Tenancy Issues
July 23rd, 2014
In the event that you are purchasing a home where a tenant is living in the property and you do not intend to terminate the lease or to have the seller terminate the lease prior to the date of possession, we would advise that a buyer proceed with extreme caution. There are many rules and regulations that govern the relationship of landlord and tenant in a residential tenancy situation. As a result, it would be prudent to discuss this matter with your lawyer and to include in the Offer to Purchase the necessary promises from the seller that they have complied with all of the requirements of The Residential Tenancies Act of Manitoba.
Failure to comply with the requirements governing a residential landlord can result in significant costs including liability for any unauthorized rent the seller may have previously charged and collected, which a buyer of property may not have anticipated.
Notice: The articles on our website are provided for general information purposes only and should not be relied upon as legal advice or opinion. They reflect the current state of the law as at the date of posting on the website, and are subject to change without notice. If you require legal advice or opinion, we would be pleased to provide you with our assistance on any of the issues raised in these articles.
