How To Sell Your House With Tenants In Ontario!
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- เผยแพร่เมื่อ 15 ก.พ. 2023
- Looking to sell your rental with tenants in Ontario! Make sure you WATCH THIS video to learn how to sell your house with tenants in Ontario to avoid any legal issues! Selling property with tenants can be a very stressful situation that can get you in A LOT of trouble if you don't know what your doing! It's very important to know how to sell a rental property in Ontario so you abide by the rules and guidelines of the landlord and tenancy act! Watch this video to avoid getting yourself in any legal trouble and make sure you sell your rental property for top dollar!
Are you looking to sell your rental property with tenants in Ontario? Send me a message and I'll help make it an easy and stress free process for you!
Email Me 👉 danielhalemgmt@gmail.com
Call/Text Me 👉905-407-2103 🇨🇦
Instagram: / _danielhale_
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🤔Thinking of selling your rental property in Ontario? Let me help! 🏡
📞 Call or Text: 905-407-2103
📩 Email: danielhalemgmt@gmail.com
this is extremely helpful, thank you so much!
My pleasure! Feel free to reach out if you have any questions or need any help. My contact info is in the description
Thanks for the help Daniel!! You know your stuff.
My pleasure! Don’t hesitate to reach out if you need anything!
Thanks Daniel for this informative video. Selling a tenanted property is stressful but it can be done legally.
8 am to 8 pm as per the RTA.
Thanks Daniel, much appreciated. I was going to get my newest property via company but saw you said that N12 route is not possible. Switched to personal so that I can move my mother in. Thanks so much, saved me a bundle and made it so I can help live in the same building and take care of my mother.
Hey Rob, congratulations on the new property! One thing to keep in mind in this regard. If it is 4 units or less the N12 is valid under a personal name. If it is above 4 units then you can’t use the N12 unfortunately.
So if you are above 4 units on this property I’d recommend corporation for tax purposes.
@danielhaletv Thanks Daniel, it is actually a triplex. I will move into the vacant unit, and my mother will take another after removing a tenant.
@@robinchina471 perfect. You are in a good position then. Definitely best to put it under personal name if you are both living there. Mark it as your primary home so you only pay a capital gain on a portion when you sell in the future.
I just want to confirm that it’s above board to negotiate cash for keys, have the tenant submit N11, then wait for them to move out before listing the property? Therefore bypassing the need for an N12?
Hey Chris, it is 100 percent above board provided the tenant agrees to sign the N11 and accept the cash for keys. You wouldn’t need to proceed with an N12 in that case.
Shoot me a text or give me a call when you have a chance. All the best!
any smart tenant will demand $50k minimum for an n11 cash for keys buy out, I got $75k and wish I would have asked for more now
Great information. Thanks Daniel.
I have a house with a tenant on a month to month. The house is under my corporation's name. Can I sell it at marker value to my son and send an N12 to the tenant?
My pleasure! You can yes. However your son has to put the house under his personal name. It can’t be under a corporation name. If you can also add your son to title and then do it based on him moving in. Just in case you want to do it a more cost effective way
Can you qualify to buy a multi-family property if you only do wholesaling to investors as a source of income
If you are running it as a business and have steady income yes. It also depends on how many units you are looking for. 4 and under is considered residential financing. 5+ units is considered commercial financing. Both lenders will look at different things to qualify
What about a place with four units? Seems as though the N12 does not apply.
Hey James, the N12 doesn’t apply to properties with 4 or more units. However the positive side to that is when selling most of the buyers are investors looking to purchase it for investment purposes and not to move in. I’d be focusing more on increasing my rents, reducing any expenses and getting it to its best showing potential to get the highest price possible. This way the income and expense report is more appealing to buyers. Where is the property located? Feel free to reach out to me. I do have a couple investors currently looking for multi family properties
Thanks for the response! What if I was looking to purchase and convert a tenanted four unit home back to a single family home. N11? @@danielhaletv
just want to throw up Ontario is so screwed up I have two condos with renters (one average rent one low rent to sell) and I cant until they are fixed up who is going to buy them!
no they go n12 since it takes to long to find a place they may also put up a legal fight dragging it out 6mths I have watched this several time tenants put the stuff they cant part with in storage and ride out the rest making the landlord clean it up no cost to them you evicted them also no rent during this fight and they only follow the bare min law they have legal help they know most of this if your smart and own property you have blue prints and pictures on file
I thought if you bought a house with tenants you can legal make them your slaves under "The Great Slave Act of 1834" and make them plow your fields and do other forms of hard labour?