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Basement Tenant Horror Story in Buying Real Estate

By Kormans LLP

Being a residential landlord can be very exciting from an investment standpoint! But it does come with a degree of risk!

 

https://youtube.com/shorts/D06suPXMSTY

 

Jonathan Hacohen (the Chosen Lawyer) and Elena Saradidis, realtor with Brad J Lamb Realty discuss in today’s clip an instance of a basement tenant horror story. If you are considering purchasing a property with one or more residential tenants, make sure to contact the lawyers at Kormans LLP before putting in your offer to discuss your options!

 

Items to consider can include:

  • Assumption of existing tenants and leases
  • Notice to tenant for future rent
  • Tenant acknowledgements
  • Landlord representations and warranties
  • Notice to terminate tenancy
  • Adjustment for last month’s rent and interest

 

 

 

 

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Jonathan A. Hacohen

 

Jonathan A. Hacohen is a Partner at Kormans LLP. His practice areas include Real Estate & Corporate Law, as well as Wills/Estates law. You can reach Jonathan at jhacohen@kormans.ca.

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