If you’re interested in leasing your condo, here’s some information you won’t want to miss:
1. The leasing process begins with the landlord signing a Listing Agreement for Lease and a MLS Data form, determining the length of the lease, terms of the lease, and the asking price of the lease. The listing usually requests all offers to be accompanied with a rental application, credit report and a letter of employment from the potential tenant.
2. Taking pictures of the building and the unit, taking measurements, and then loading the listing (with the photos) onto the Multiple Listing Service. A lock box is placed at the condo for easy access so agents may show the unit to potential tenants.
3. Then once a prospective tenant wishes to rent the unit, his or her agent submits an offer with a Residential Agreement to Lease (usually accompanied with a rental application, credit report, letter of employment and a deposit for the first and last month’s rent).
4. The offer is either accepted, countered or declined.
5. If accepted the landlord signs the agreement, the tenant’s agent gives the landlord’s agent post dated cheques for the balance of the term, then the tenant receives the keys / pass cards, and then moves in on the first of the following month.
If the landlord wishes to sell the unit before the end of the lease term, the tenant is permitted to stay until the end of the lease term, and the Purchaser would have to assume the tenant. If the landlord wishes that the tenancy be terminated at the end of the lease term, the landlord must give a minimum of 60 days notice starting at the end of the month. The landlord’s agent must serve the tenant with a Notice To Terminate Tenancy at the End of the Term For Landlord’s or Purchaser’s Own Use.
Tenant Selection
When leasing a condo you will want the best tenant possible since your tenant and lease terms will have a direct effect on the value of your property.
Quality tenants mean fewer management problems, lower maintenance expenses, lower vacancy ratios – which mean the property is more desirable to purchasers and less stressful for you to own
Lease Your Condo Now
If you’re interested in the financial gains that can be made in real estate investing, read “Investment Strategies in Real Estate.” This will help you know what you need to about investing in real estate.
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