How to repossess your income property
April 7, 2008 by Deyanira Bautista
Filed under Buying Real Estate, First Time Buyer, Popular, Real Estate Law
You found an income property you like.
The place is perfect for you; great location, in fantastic condition. It’s fully rented with good paying tenants in long term leases. The revenues are good enough to cover all the expenses; including your own part of the mortgage….Because, after all, you are buying the place to move in. Right?
Living rent free, what a dream!
But wait a minute. Isn’t the building fully rented?
“Yes, but as the new owner, I can take back one of the units whenever I decide to” – You might be thinking.
Well, it doesn’t really work that way. You see, according to the :
“All tenants have the right to remain in the rental unit indefinitely as long as they respect the terms of the lease…”
How can you repossess one of the units, if there’s no problem with the terms?
Do you have to wait until someone decides to leave in order to move in?
Fortunately, the law also mentions…
“(However) the landlord may terminate the lease under certain circumstances.”
The complete article has been moved to: Repossessing your income property
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Posted by: Deya Bautista - Affiliated Real Estate Agent working as part of the McGill Immobilier team. Specializing in condos and revenue property in the metropolitan area of Montreal. For buying or selling contact Deya at: 514.917.7889 
Very informative article!
Hi Bernie
Thanks to you, the article is error-free! (you are the best!)
:)
Cheers.
Awesome post!
I will be back, like Arnie said ;>)
Hey, I’ll stay tuned for the next update on this subject.
Don’t leave us waiting too long.
Great blog.
Andrew M.
Thank you for this. Very interesting article and informative. I don’t think many new landlords know about this, but should.
Warm Regards,
Rob Lawrence
I am Lebanese. My link with Montreal is part of my family living there so the article interests me since my son is considering buying a 31/2 condo downtown in lieu of the one he’s presently leasing.
You discussed conditions for a property to be repossessed by the landlord. You also mentioned moving expenses. What about affordability? Do the relevant laws and by-laws allow for compensating the tenant against the extra costs incurred at finding a property similar to the one he or she are living in?
It is very useful article. I will link it from my page http://www.montreal-immo.com
Greetings all members,
I would just like to say hello and let you know that I’m happy to be a member – been a lurker long enough :)
Hope to contribute some and gain some knowledge along the way….
Welcome aboard!