True Story – when a British Columbia landlady saw a news story about a couple of so-called ‘deadbeat tenants’ who had been evicted five times in the past two years for paying little or no rent., she recognized the photo in the news. To her horror, she has just rented her house to that same couple!
Then, their first rent cheque bounced.
Renting out a portion of your home or another property can be a great way to earn extra income. If you secure good tenants, landlording can reap large rewards such as more financial security or the ability to pay off a mortgage faster. If you are retired, it is also a good way to supplement your retirement income.
You may own the property, but if you’re a landlord in Canada, you can only legally enter your tenant’s home under a limited number of circumstances. To protect yourself against liability claims, it’s important you make yourself aware of, and make sure you adhere to, tenancy laws local to your province.
Many landlords are not sure of their legal rights and responsibilities when it comes to eviction, and when they are sure of their rights and responsibilities, they aren’t sure of the actual logistics of evicting a tenant so that’s it’s 100 percent legal.
People are often confused about the meaning of the word “lease”. They think that “lease” refers only to agreements that are for a fixed term, for example a “one year lease”, or that “lease” only applies to written agreements. This is not so. Continue reading
The first rule of landlording is: Always use proper documentation. Whether you’re renting out a basement suite, a separate apartment, or just a room in your house, remember that it is your property that you are temporarily entrusting to another individual. It is your right as the owner of that property to ensure it is protected, and it is your responsibility to keep documentation of any and all agreements or transactions which occur between you and your tenant. This is true at any stage of the landlord-tenant relationship: pre-tenancy, during tenancy, and as your tenant is leaving.