Landlording Advice - Buying Tenanted Suite

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Landlording Problems - Buying Tenanted Suite

Q: We are considering purchasing a house that is currently leased upstairs and downstairs on individual leases till August 31, 2006. These are 2 separate suites, but both fixed till the same date. We want vacant possession of the top floor for our residence. Do we have any recourse as buyers? Or would we have to give written notice on July 1st (2 months) to these tenants that we plan to occupy the premises, and that they are to vacate at the end of the lease? Or would no notice need to be given, as the tenancies will both automatically on August 31st. If there is nothing that can be done about either fixed term lease, I would assume that the owners will have a hard time selling this house. It is currently early February, meaning there would be no new owner move in till September 1st. Can you please explain what options I have? We really like this house, but can't afford to wait till September to move in. Thank you.
A: Consider it this way; you are a major player in the real estate game and you are thinking of buying a 100 unit apartment block. All 100 units in the apartment block are currently rented. You make an offer on the property and it is accepted. You close on the deal. The tenants remain in place, all 100 of them. Each tenancy agreement simply moves over to you, the new landlord. Same diff' in a house with 2 suites. You buy the property and you inherit the tenants complete with the tenancy agreements in place.
Just like the big real estate player, if you want to occupy one of the suites in the building you'll have to wait for one of the tenancies to end or throw somebody out, which would require grounds or cause under the Act. With fixed term agreements the tenancy ends at the end of the term, unless you strike a deal for a mutual end to the tenancy or one of you breaches the contract. As a matter of course in fixed term tenancies the landlord should advise the tenants well in advance of the end of term just what is to happen and when - it avoids confusion and frustration and makes good business sense. If the tenancy agreements were month to month and you wanted one of the units for your own use you'd be looking at issuing a section 49 notice to end the tenancy of the suite you want, which requires at least 2 month's written notice and also paying the tenant the equivalent of one month's rent.


 
 

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