What to do about tenants in a potential investment?
- Thread starter Gen1GT
- Start date
Ask seller to provide vacant possession
If concerns about them agreeing and not following through and having to decide or close or not talk with realtor on feasibility and enforceability of a hold back clause relating to vacant possession on close.
If concerns about them agreeing and not following through and having to decide or close or not talk with realtor on feasibility and enforceability of a hold back clause relating to vacant possession on close.
QUOTE (Gen1GT @ Feb 6 2010, 12:47 PM) I`m looking at a potential investment property to rehap and flip, but there`s a current tenant (no lease), we`ll obviously need out at or on the closing date. What are my options for making sure they`re out of the property? Should I just move on to another investment?
what province ?
Ask for vacant possession from seller .. but that is hard to impossible in some provinces !
what province ?
Ask for vacant possession from seller .. but that is hard to impossible in some provinces !
It is because you are in Ontario that they will not guarantee vacant possession. If a tenant refuses to move out on sale the new owner must go through the eviction process which could take 3 months or longer to complete.
In your situation, again because it is Ontario, I would advise you to move on if there is no guarantee.
In your situation, again because it is Ontario, I would advise you to move on if there is no guarantee.