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Leasing Your Condo Can Be Hazardous to Your Financial Health

Renting your Condo can be hazardous to your financial health.

It does sound simple, doesn't it?

Purchase a luxury Condo, rent it out and let someone else pay the mortgage. The backbone of your future wealth.

Leasing Your Condo Can Be Hazardous to Your Financial Health

There's a problem however and that's the conflict between the current Landlord and Tenant legislation and the Condominium Act 1998.

The Condominium Act 1998 obligates a condominium company and its' Board of Directors to uphold and enforce if necessary the Condo Corporations announcement, by-laws, and principles.

Landlord and Tenant legislation sets out the rights and obligations of both tenants and landlords. It also provides a remedial procedure through the Landlord and Tenant Board.

a) The Condo Corp

b) The Unit owner

If you mentioned (b) the device owner you'd be right.

Neither the Condo Corporation nor its direction could be regarded as the landlord under landlord and tenant laws.

Let us see what possible issues.

The condo corporation might have in its announcement, by-laws or principles that prohibit pets of a specific size or breed.

What happens when a tenant acquires a pet as soon as they move into your Toronto Condo or Mississauga Condo?

And let us just say it's of the variety that's prohibited by the condominium corporation.

The condo corporation can ask that you as the operator should have the offending pet eliminated and if you don't do so, apply their rights by court order if necessary.

However, the Landlord and tenant legislation expressly states that renters are permitted pets and can't be forced to leave because of owning one. 

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