Module 8 Flashcards
In condos there are restrictions on leasing defined in the
declaration bylaws
if most units are rented out in a condo =
less pride in ownership = lower maintenance and repair priorities (good for landlord bad for tenant - complex might become rundown)
to lease during the interim occupancy (owners have not yet gotten their deed bc con. isn’t finished) landlords must ask`
the developer
tenant insurance covers both
liability and contents
in addition to tenant insurance landlords should get
prop. insurance
maintenance fees are _ expense
variable
if owner wants to use a proxy at meetings they must
fill out a proxy form from the condo auth. of ON.
owner must provide a tenant a condo’s
rules/bylaws
corp. declaration
ultimately responsible for any damage to a condo
the landlord (why they must have insurance to cover the remainder if the tenants doesn’t)
sets rent increase guideline
ON Min. of municipal affairs
notice for rent increase
90 days
notice of termination (landlord wants to move in)
must be given 60 days before end of tenancy agreement
termination (landlord wants to move in) compensation
1 months rent
attorning the rent
landlord fails to pay the fees so the condo corps demand payment from the tenant
condo act requires landlords to notify the cop that they leased their unit within
10 days
