No Leases with tenants?

[gsicilia]

I have invested in single family dwelling before but never a multi unit property which I am now looking at. I looked at an 8 plex that is for sale in Ontario and the seller has no leases. His approach has been one that he likes to have his tenants on a month to month so he can get rid of them of he does not like them. I have always worked with a lease. What are peoples thoughts about this? How can I validate that what he claims to be the monthly rent is correct. Can I as a new landlord (assuming I buy) enforce a lease on a tenant?

Thx as always

 

[invst4profit]

You can not force a tenant in Ontario to sign a new lease. You can ask but what would be the purpose.
In Ontario all tenants automatically become month to month at the end of there lease. The fact is whether they are month to month or lease all of the same rules apply under the RTA.

Have as a condition of purchase that all tenants sigh a legal form ( can`t think of the name of it) indicating there rent and any other particulars of there original lease such as parking, utilities etc. That is all you need.

 

[Ready4Rent]

QUOTE (invst4profit @ Oct 15 2009, 10:20 PM) You can not force a tenant in Ontario to sign a new lease. You can ask but what would be the purpose.
In Ontario all tenants automatically become month to month at the end of there lease. The fact is whether they are month to month or lease all of the same rules apply under the RTA.

Have as a condition of purchase that all tenants sigh a legal form ( can`t think of the name of it) indicating there rent and any other particulars of there original lease such as parking, utilities etc. That is all you need.

Tenant Acknowledgments is the form you are looking for, or you can make one. It just confirms all responsibilities, I.e Rent / Parking / Heat / Hydro / Snow Removal / Rent on Deposit / When They moved In / Last time LMR interest was paid / And most important that there are no ongoing issues with the unit . I.e you start with a clean slate.

John