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Originally Posted by theman23
Those comments all sound reasonable. What exactly do you find surprising?
If you have a tenancy agreement that agreement transfers to the new owner. Generally if the tenancy is on a month to month renewal, it can be terminated if the new owner intends to move in. With that being said, many owners threaten to sell their unit as a bluff to get renters to accept a proscribed rent increase. Tenants are also not keen to leave their units what with that “housing crisis” you may have heard about, so the process can be drawn out. A buyer should include vacant possession as a condition for any tenanted property so the onus is on the seller to evict the tenant prior to closing.
And yeah, it’s still their home even if they don’t own it.
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There is a lot of misinformation in the tenant-landlord world in Ontario too.
Sooo many landlords threaten sale as a method to kick a tenant out - but a sale does not give them permission to do that. To actually kick a tenant out you need a buyer to agree to a conditional sale then issue an intent to occupy the unit themselves. Then the tenant can appeal to the LTB.. it's a terrible process.
If you are an end buyer, I would always advise against buying a tenanted property. A tenant which knows there rights can be hell to get out. Even if you have a vacant possession clause, if the tenant doesn't want to leave, it can delay closing and cause big problems for you as the buyer.
I also always hear stories of people who think they have to resign a new lease every year.. that one is shockingly common too.