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 - Real Estate Broker working as part of the McGill Immobilier team. Specializing in high end condos in downtown and Old Montreal. For buying or selling contact Deya at: 514.917.7889 http://montrealrealestateblog.com/

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1. Time to list: Income Property
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