Basement Tenant Horror Story in Buying Real Estate
By Kormans LLPBeing 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 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. The information and comments herein are for the general information of the reader and are not intended as advice or opinion to be relied upon in relation to any particular circumstances. For particular application of the law to specific situations, the reader should seek professional advice. Kormans LLP cannot be responsible for the content of other sites. We expressly disclaim all liability with respect to actions taken or actions not taken based on content received from a third party website linked, directly or indirectly, to that of Kormans LLP. The link to another site is not to be construed in any way as an endorsement of the host, the site or the information contained therein, nor is such link to be inferred as an association or affiliation with the host. |