Alberta Landlord / Tenant Questions / FAQ

[nj2Type-S]

i've called my insurance provider and i'm getting a rental property policy, which is a much lower rate, i'm told. i'm coming in this friday to re-write policies.

they did advise me to make sure my tenants will get their own insurance, though. it makes sense to me that my tenants will get their own insurance. i'll put in the condition that they show proof of it.

[lasimmon]

Originally posted by adam c
Yes you need insurance as there's always a chance a tenant won't carry their own

You are not responsible for the contents of the tenants.

A renter can likely only get insurance for their belongings due to fire or theft?

[adam c]

Originally posted by lasimmon


You are not responsible for the contents of the tenants.

A renter can likely only get insurance for their belongings due to fire or theft?

I didn't mean it like that, but in the sense that if something happened to the property the tenants don't have the means to resolve it

[roopi]

You can still get some content insurance as a landlord to cover the appliances (and anything else you may provide the renter if it is furnished). Other then that just tell your insurer that it is a rental and they will explain your options.

[nj2Type-S]

could you guys please shed some light regarding security deposits?

"Landlords must deposit all security deposits in an interest-bearing trust account in a bank, treasury branch, credit union or trust company in Alberta within two banking days of the time they collect them from the tenant.
The landlord must pay interest to the tenant at the end of each tenancy year unless both parties agree otherwise. If the landlord and the tenant agree in writing, interest may be compounded annually and paid to the tenant at the end of the tenancy.". (Page 3. See link below):

http://www.servicealberta.ca/pdf/tip..._landlords.pdf


does this mean that as a landlord, i would need to create a savings account and place the security deposit there? Any interest gained including the initial security deposit will be given to the tenant at the end of the term? i thought i would just deposit it into a chequimg account and be done with it. i didn't realize it would need to be an "interest-bearing trust account".

any help from you guys would be appreciated!

[benyl]

go back and read the first post.

There is an interest rate calculator that is linked. Put in the dates and it will tell you how much you owe your tenant. What you do with the money is up to you, but you do have to pay them interest as it is a deposit and not for you to use on hookers and blow.

That being said, it has been zero percent since 2008.

http://www.servicealberta.ca/1033.cfm

[nj2Type-S]

^you rock, man! thanks!

[nj2Type-S]

hey guys,

so i rented out my duplex in november 2014. the lease term is for 1 year. a couple of days ago, my tenants called me saying they want to move out in 3 months. what can i do in this situation? the rental market isn't as good as it was last year, and i really can't make a profit if i sell.

do i basically just suck it up?? what can i do? thanks? guys!

[nobb]

They are obligated to complete the remainder of the lease. Usually the deal I make with my tenants is that if they leave early, as long as they clean up the place in good condition, and help find another renter such that there is no vacancy and cover the advertisement expenses, then I am fine with ending the lease. If they absolutely intend on leaving, there wont be much you can do anyways (other then taking them to court for lost money) so might as well do it on good terms.

[nj2Type-S]

hey guys! i can't belive it's almost been a year since i put my duplex for rent. my tenants have decided to move out at the end of the lease (nov 22nd), and this being my first rental property, i would like to ask for some guidance from you experienced landlords regarding the damage deposit.

what qualifies as "normal wear" versus a valid damage? in your experience, how much of the deposit do you typically give back? i know it's subjective, but i just want to be fair to both parties.

for those who may be interested, here's the listing to my duplex for rent:

https://www.rentfaster.ca/calgary-du...-duplex-110333

thanks in advance!

[CompletelyNumb]

Wear and tear would be wear on the carpet, from foot traffic and furniture. Not damagevia spills, burns, animals, etc. Scratches, smudges and marks on the walls. Not gouges, or holes. Knobs, handles, pulls that are worn or loose.

Just think of it like your own house. What's normal wear and tear for you. Any damage or mess comes out of the DD. Have it dealt with professionally ASAP, submit statement of account with remaining DD within 10 days.

[Mckenzie]

Originally posted by nobb
They are obligated to complete the remainder of the lease. Usually the deal I make with my tenants is that if they leave early, as long as they clean up the place in good condition, and help find another renter such that there is no vacancy and cover the advertisement expenses, then I am fine with ending the lease. If they absolutely intend on leaving, there wont be much you can do anyways (other then taking them to court for lost money) so might as well do it on good terms.

I had a situation last year that went sideways, they wanted to leave after a month and in the middle of the downturn it was next to impossible to find someone to rent. The ball is pretty much in their court since you have to take them to court over loss of income and you can only do that after you find someone new (to quantify the loss). Put a new ad up immediately. Play as nice as possible, get as much as possible out of them (my renter paid 2 months worth of rent for vacant place and $700 in damages) and obviously keep their damage deposit. Luckily I held some of their furniture hostage for a bit, but in the end I was the one who got screwed.

[msommers]

I'm not entirely sure how to deal with my damage deposit return either. I've had to hire a management company and drastically lower the rent. The difference I'm actually receiving is actually $400/month less now.

There weren't really any damages, just fairly minor cleaning that took me 2-3 hours which isn't bad and I'm thankful that nothing else is not damaged. But I'm pretty hesitant to give him the damage deposit back given the amount of income I'm losing for him bailing on me only 5 months in.

We verbally agreed to something and I think I'll stick with that, but it still really pisses me off. And the fact that I'm back in school right now hurts even more because I'm also paying someone else's rent on top of my per month loss.

[KPHMPH]

I'm currently in a legal battle with a tenant for $25,000.

It all started back in Dec of 14' - they had been living in the house for 5 years and wanted to buy it. I gave them a price and then proceed to damage the place, leave and buy a house, all while under a year lease.

We've been through 1 mediation to try to resolve the situation and my partner and I brought the settlement down to $7000 and they wouldn't take it. Now we have a arbitration with a judge next Friday and we won't go any less than $10,000.

I know they won't that offer so we will probably go to court. With that being said we have close to a 200 page binder full of all the evidence that will destroy their case.

This whole ordeal is so fkin stressful I just want it to be over.

I've had zero problems up until last year and all shit went south for all my properties. Hopefully this year is better!!

[spikerS]

Originally posted by KPHMPH

We've been through 1 mediation to try to resolve the situation and my partner and I brought the settlement down to $7000 and they wouldn't take it. Now we have a arbitration with a judge next Friday and we won't go any less than $10,000.

if it is arbitration, what ever the arbitrator decides on, you have to accept regardless. If it is a mediator, then you have the choice.

[CompletelyNumb]

Is there any sort of landlord insurance that would cover situations like that?

[KPHMPH]

Originally posted by spikerS


if it is arbitration, what ever the arbitrator decides on, you have to accept regardless. If it is a mediator, then you have the choice.

Sorry, Pre-trial with the judge.

I'm honestly not to sure if there is an insurance for that. It would be nice but I feel it could be taken advantage of by abusive people.

[Vanish3d]

I have a place rented out to someone on a Fixed Term contract with ~6 months remaining.

Is there ANY way I can give him 3 months notice and get my place back?

I want to sell the house and it's best to sell in the spring/summer. Otherwise, he leaves in September and I need a month or so to clean up and renovate then sell it - puts in even slower market than now.

[FraserB]

Originally posted by Vanish3d
I have a place rented out to someone on a Fixed Term contract with ~6 months remaining.

Is there ANY way I can give him 3 months notice and get my place back?

I want to sell the house and it's best to sell in the spring/summer. Otherwise, he leaves in September and I need a month or so to clean up and renovate then sell it - puts in even slower market than now.

There isn't. You're going to have to negotiate with him to move out prior to the sale. Might be easy though if he can find similar accommodation for cheaper and if you offer him a financial incentive like paying his first month's rent and DD on a new place.

[pheoxs]

Talk to him about it. The rental market is so soft right now that he can likely find something cheaper and/or with incentives versus your place.

I was in the same boat and told my renter I'd like to sell the house and if he was able to find a new place I'd be lenient and give him a week to move stuff across for free n shit. He found a condo and moved out this week.