There’s a ton of properties to view this weekend from condos to mansions! Check out this link to get an idea of what area you would like to explore and go view some properties.

https://www.vreb.org/open-houses#gsc.tab=0

There’s a lot  to know when it comes to buying and selling properties with tenants. Luckily we have Ilana Pretoruis, a skilled Realtor and Property Manager to guide us all through the ins and outs of tenancies in Real Estate!

1. Are you purchasing a property to have fully tenanted or partially tenanted? You will need to make sure you are well versed with the Residential Tenancy Act in BC. As a Property Manager and Realtor this is part of every day for Ilana. She is our go to for everything and every question tenancy related.

2. Have you checked with the local municipality to make sure the property is zoned for suites? 

3. Ensure that any property with a suite has had a proper inspection to make sure the plumbing and electrical are up to code and safety measures are met.

4. When purchasing a property make sure you review any rental agreements currently in place. Is there a lease? Is the tenant month to month?

5. Tenants come with the property. You are not allowed to evict them to then turn around and rent out the property for a higher rent. So make sure that if you are purchasing the property with a tenant in place that you can make the financial numbers make sense for your purchase. Ensure that you are credited the tenant’s damage deposit on the Statement of Adjustments, and that the deposit has been accruing interest as per the RTB calculator. On possession of the property make sure you do a suite walk through so that you know the current state or you won’t be able to withhold the damage deposit should there be any damages incurred to the suite when the tenant vacates.

6. The only way to get vacant possession of an entire property that has tenants is if the purchaser and direct family members (parents, spouse, or children) will be occupying the main home and suite(s). As of November 2024, the tenants must be given 3 months notice to vacate plus last month’s rent free. Notice to vacate as per the RTB, is served with final condition removals. The notice must give ample time for the tenant to receive before the day the next month of tenancy begins. For example if the rent is due the first of every month, notice is best served before the 25th so the tenant has a week to receive the notice. If there is a lease in place, the purchaser cannot have the lease end early unless there is a Mutual Agreement to End Tenancy signed by the current Owner and the Tenant.

There’s a lot to know! Make sure you are fully comfortable and informed when buying or selling tenanted properties. Ilana is the absolute best and is here to help with all your real estate needs!