Huh, TILThis quote is hidden because you are ignoring this member. Show Quote
Huh, TILThis quote is hidden because you are ignoring this member. Show Quote
Just checking rentfaster and looks like they have 3 forms:
Fixed term: https://www.rentfaster.ca/assets/ftta-2.pdf
Fixed term with option to convert to periodic: https://www.rentfaster.ca/assets/ft-pt-2.pdf
Periodic: https://www.rentfaster.ca/assets/pta-2.pdf
If you sign something like a “1 year lease” it would have been one of the two fixed term agreements, but either way the point is the tenant is protected until November. If it was the “with option to renew”, then landlord would need to tell them 1 month before that they don’t want to renew and that’s it
Last edited by sabad66; 02-07-2020 at 04:27 PM.
Gotta disagree. For me i wouldn't consider anyone who wanted month to month and all my tenants wouldnt either, they all wanted a 1 year to start but i always go with 6 month first and if all goes as plan ill renew for a year at a time. For me i would want the stability of knowing i have my place rented for that term(yes i know its not 100% but better than nothing) and im sure any solid tenant would want the same stability too. I would group a month to month tenant in the same risk group as a bunch of young room mates lolThis quote is hidden because you are ignoring this member. Show Quote
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Not really. Even if it’s “with the option to convert” it doesn’t help you keep a renter in after the term is done because if they wanted to leave they would just provide notice and leave on the last day anyways. They aren’t really different imo, it’s just that without the “option to convert”, you need to have a conversation a few months before the lease ends to see what both parties want to do and sign a new agreement, whereas “with option to convert” means it automatically turns into month to month if you don’t have the conversation.This quote is hidden because you are ignoring this member. Show Quote
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At the end of a fixed term tenancy, the fixed term is over and you are correct, the lease agreement ends. What most landlords would do is ask the tenant, 2-3 months in advance, are you planning to renew the tenancy for another year or are you moving out? If moving out, the landlord relists to find a new tenant who will move in the following day to ensure the property isn't vacant. Alternatively, if the tenant wants to stay for an additional year, have them re-sign at that time, to extend the lease agreement for an additional fixed term.This quote is hidden because you are ignoring this member. Show Quote
I'm uncertain how any of the above doesn't benefit the landlord? If you got burnt 10 years ago, you simply neglected to follow up with your tenant and failed to re-sign them or re-list the property.
A Lease agreement only rolls over to, month to month, after a fixed term, if both parties agree to it.
More info:
https://www.landlordandtenant.org/le...ed-term-lease/
Last edited by 90_Shelby; 02-07-2020 at 04:48 PM.
I like neat cars.
Having a fixed term is a piece of mind for landlords, this shouldn't even be a discussion. Just because you forgot to check in and the tenant did exactly as they legally have full right to do, doesn't mean fixed terms are bad (though an ethical discussion could come up about about not being nice and giving you a month's notice). In fact quite the opposite is that fixed terms are the most logical, especially when overall it contributes to predicability of expected income.
I would never, ever take a tenant who wanted to start a brand new lease with me agreeing to month-to-month. I think we can all agree that would be the dumbest thing a landlord could do.
I'd estimate that 95%+ of all landlords will require a fixed term of a minimum 6 months, and there roll over to month-to-month vs. another fixed term depending on their preferences/comfort level.
Ultracrepidarian
Any tips for weeding potential tenants out? Put my place up for rent as my tenant of 5 years is leaving (absolutely the best tenant I could have had). Have the first two showings tonight.
Do reference checks, call past landlords. Helped me dodge a few bulletsThis quote is hidden because you are ignoring this member. Show Quote
Previous landlord references can go a long way.This quote is hidden because you are ignoring this member. Show Quote
Personal references never are that great because people will fudge how a person is to get them into a place.
In our experience it's a gamble no matter how much due diligence you do. All of our nightmare tenants had good references, proof of employment/income, a family to support, decent credit, didn't seem overzealous, confirmed their identity, etc.This quote is hidden because you are ignoring this member. Show Quote
On one property, we now have 3 court judgement in our favor for a total of around $15K in unpaid rent across 3 different tenants, of which we will never see a penny. On the other property, we have had fewer issues but also less turnover. There's only so much you can do and then it's just luck of the draw IMO. If you can find someone through your friends/coworkers/colleagues that is probably your best bet if you can find someone you trust to vouch for them.
Talk to them for as long as possible to try and get a read on their personality, confirm their identity, get proof of employment/ask to see a pay stub, call their references/previous landlords, run a credit check, look at their online profiles (if any), find out if they have pets or smoke, etc.
Sounds like I really lucked out the first time. I was on the fence between renting again and just selling, neither seems great right now.
It's just so hit and miss. My brother just FINALLY got rid of his nightmare tenant (a quiet ex-lawyer, at first seemed like the ideal tenant before going insane) and his new tenant is a friend of a friend and so far zero issues, but obviously not everyone is going to know someone looking to rent.This quote is hidden because you are ignoring this member. Show Quote
And then there's some people who have a steady stream of amazing tenants, or great long term tenants (like your previous one) but there is no way to know what you got until it's already too late. If you want to rent it, just do as much due diligence as possible and be on high alert for red flags, I don't know what more you can possibly do when evaluating strangers, there's always some uncertainty there. I'm probably biased because we've been screwed so many times, but it's not like there is a shortage of horror stories out there haha.
Anyone ever rent out to these places that lease your home for 24-36 months so they can Airbnb it out?
Companies like SureHomeStays or something? Seems a bit sketchy imo as they only been operating for a year, but it seems like good long term benefits if you are OK with them managing it all and you are getting steady monthly income?
They would pay you rent like any other renter. Anyone go this route with success as landlords?
So we have been put into a situation I was hoping wouldn't happen.
Our current lease is up in June and sometime in the next year we will be buying a home. We tried to make arrangements with our current landlord to either go month to month or something so if we found a house we did leave easily.
We found out today that they aren't willing to work or budge and this it would appear we will need to break said lease.
Now we know all about the "your are responsible" stuff and fees and such that comes with breaking a lease.
I'm curious if anyone else has been put in this situation and what course of action did you take?
Your lease is due this June? If you’re wanting to buy this year then start looking now and negotiate for possession when your lease is up. You could also put all your big stuff in a storage unit and rent a small furnished apartment month to month until you find somethingThis quote is hidden because you are ignoring this member. Show Quote
Unfortunately our down payment is locked for 90 days. Which puts our time frame to basically a month to find, buy, close and move.This quote is hidden because you are ignoring this member. Show Quote
Offer the landlord an extra hundred a month for month to month and see if they'll take that?
wheres your realtor in this? What is it about your payment that's locked in for 90 days? If it's a rate hold most are held for 120 days.This quote is hidden because you are ignoring this member. Show Quote
If I was your landlord I'd be working towards a resolution. If your moving at a certain timeline I'd make sure their aware of what's going on so you can limit how hard they hit you for breaking the lease early. You can try and help show the place to new renters. If they re rent it early enough you wont be on the hook for as much.
RRSP loan gets locked in for 90 days.This quote is hidden because you are ignoring this member. Show Quote
With how good its been with our landlord we thought they would be willing to work something out that worked for both of us. We even talked about a short short term lease but the landlord doesn't want that either as they don't want the place empty in the late fall/winter.
And now that we have discussed this with our landlord we are worried they will flat out deny lease renewal.
Talk to a realtor and/or mortgage broker. When I bought my house I only put a few thousand down with the actual offer; the rest of the downpayment wasn't due until the closing date basically. (I think? though that was 5 years ago and maybe I'm mistaking things)This quote is hidden because you are ignoring this member. Show Quote
Assuming you have a fixed date for when the funds are available I don't see why you couldn't get your possession date to be 30 days after that.