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 Régie du logement:
“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.”
