Tenant Rights - Definition

[vandriani]

Hi Everyone,

I was looking at a property sale sheet and next to occupancy it stated "Tenant Rights". I think I have a pretty good idea of what that means but I hoping some of you could elaborate on this term. Also, pros and cons would be most appreciated

 

[markbrad]

Frm what I understand that to mean on a real estate sheet, it means they need to be given 90 days notice to move out. So if you don`t want to inherit the tenants, have the current owner give the 90 day notice, and you make your closing date after that time. If you want to inherit the tenants, go for broke and close when it suits you.

Mark

 

[brentdavies]

On the listing sheet, occupancy:tenants rights means that there is a tenant is in place and the sale is subject to the rights of the tenant.

The rights of the tenant includes proper notice to inspect the property, the right to occupy the property until the lease expires and all others rights under the residential tenancy act.

As a buyer watch out for the landmine, the tenant may a fixed term lease, which cannot be broken by the perspective purchaser with a 3 month (RTA #6). The term and rate may be not want you want. Put a condition in your offer to veiw and approve the lease.