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Investor Quarterly Summer 2013

Posted on August 30, 2013

TENANCY INFO: DID YOU KNOW?

A tenancy agreement must be made in writing.

A copy of the agreement must be given to the tenant within 21 days of entering into the agreement.

Changes to the tenancy agreement can only be made by mutual consent and should be documented in writing.

The landlord and tenant must do a condition inspection together before the tenant moves in or when a pet is allowed during the term of a tenancy.

They must both sign a condition inspection report listing all damages that exist when the tenant moves in.

The report will be used as a reference if a claim for damage is made at the end of a tenancy.

The landlord must give a copy of the condition inspection report to the tenant.

The landlord must provide clean premises with appliances in good working order at the time the tenant moves in.

DEPOSITS: DID YOU KNOW?

Neither the security deposit nor the pet damage deposit can be more than one half a month’s rent.

A landlord can only ask for one pet damage deposit no matter how many pets are allowed.

Within 15 days from the end of the tenancy or receiving the tenant’s forwarding address in writing, whichever is the later, the landlord must: (a) Return the deposit(s) or (b) Apply for dispute resolution to keep all or part of the deposit(s) or (c) Get the tenant’s written consent to keep all or part of the deposit(s).

The tenant must provide a forwarding address in writing before the landlord has an obligation to return the deposit.

Whether you are considering selling your rental property in order to take out your equity, or planning to sell your principle residence, I will be pleased to do an up to date Market Evaluation at no cost or obligation to you. For more information please call 604-779-3160. And be sure to visit the latest real estate listings for Vancouver to find your next investment property.