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Reasonable amount of time to tell tenant you're selling?

wazup

Well-known member
Jun 12, 2010
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I've had a tenant for six years in a single dwelling house which I bought to eventually move into. Some bad debt has forced me to sell. Tried to refi but bank said no thanks. Early March I told him this and offered to sell it to him with these options; 1. We get an appraisal and I'll give him 8% off that appraisal, 5 for re fees and an additional 3 for good tenant /ease of sale. Or x amount without the appraisal which I figured about the same and also equaled what I would be happywith. He said leave it with him.

A month passed and nevery heard from him. Offer number 2 was I'd give him a free months rent if he moved out by July 1st as he would have to move anyway plus go through with dealing with open houses. He agreed to that and I supplied a glowing ref letter for him.

He then came back a few weeks ago saying he was sure he could buy it and close June 1st, I agreed but I knew the chances were around 10%. As I expected he couldn't get financing and asked me to carry a 2nd for the down payment, meaning it's 100% financed, no thanks.

I gave him roughly 4 months notice less 12 days and believe I was fair, as nobody knows too far ahead when they need to sell. Single dwelling units are risky to rent as a tenant as they're not often bought as rentals as opposed to multi units which investors want occupied.

Now that he knows he's gotta go he will be difficult to deal with as he has the perfect set up, cheap rent and comfy there. Although I knew it would be a painful process. He already hasn't responded to my email rejecting financing whereas previous emails were quickly responded to. I needed the money June 1st and he strung me along and I'm at my boiling point. Although I guess July 1st was the end date if he honours our original agreement.

Hope he's not a board member lol.

Ignoring all the drama, what is an appropriate notice period for a tenant to have to move. He has been an excellent tenant and could have stayed as long as he wanted but most of my profit will go towards debt.
 

Jasmina

Well-known member
Jun 11, 2013
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Toronto
I think it is super admirable that you tried everything you could to ensure as smooth a transition for your tenant. Not many would do that! I do not envy your position, I have been renting same place for over 10 years and should that day come I will be heart broken. But it probably will come one day, in this market. I try to be prepared for it and I would so not hold it against my landlord should it happen and I certainly wouldn't jerk them around. I can only hope they will be half as kind as you were. Good luck.
 

angrymime666

Well-known member
May 8, 2008
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I've had a tenant for six years in a single dwelling house which I bought to eventually move into. Some bad debt has forced me to sell. Tried to refi but bank said no thanks. Early March I told him this and offered to sell it to him with these options; 1. We get an appraisal and I'll give him 8% off that appraisal, 5 for re fees and an additional 3 for good tenant /ease of sale. Or x amount without the appraisal which I figured about the same and also equaled what I would be happywith. He said leave it with him.

A month passed and nevery heard from him. Offer number 2 was I'd give him a free months rent if he moved out by July 1st as he would have to move anyway plus go through with dealing with open houses. He agreed to that and I supplied a glowing ref letter for him.

He then came back a few weeks ago saying he was sure he could buy it and close June 1st, I agreed but I knew the chances were around 10%. As I expected he couldn't get financing and asked me to carry a 2nd for the down payment, meaning it's 100% financed, no thanks.

I gave him roughly 4 months notice less 12 days and believe I was fair, as nobody knows too far ahead when they need to sell. Single dwelling units are risky to rent as a tenant as they're not often bought as rentals as opposed to multi units which investors want occupied.

Now that he knows he's gotta go he will be difficult to deal with as he has the perfect set up, cheap rent and comfy there. Although I knew it would be a painful process. He already hasn't responded to my email rejecting financing whereas previous emails were quickly responded to. I needed the money June 1st and he strung me along and I'm at my boiling point. Although I guess July 1st was the end date if he honours our original agreement.

Hope he's not a board member lol.

Ignoring all the drama, what is an appropriate notice period for a tenant to have to move. He has been an excellent tenant and could have stayed as long as he wanted but most of my profit will go towards debt.
move in. sell a couple months down the road. there is a clause that a landlord can evict based on personally living there or a family member needing to live there. there is a form on the tribunal website for this purpose. while doing so may cause your tenant to file for being wrongful eviction. since you already told him that you were trying to sell the join,t you may have sunk your ship. this is what some landlords do in your situation and get away with.

you may be stuck with the tenant or buy him out for a couple of months rent. cash after he moves out. perhaps you cold write it off as a cost of doing business if you claim your rental income.
 

black booty lover

Well-known member
Oct 21, 2007
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I think it is super admirable that you tried everything you could to ensure as smooth a transition for your tenant. Not many would do that! I do not envy your position, I have been renting same place for over 10 years and should that day come I will be heart broken. But it probably will come one day, in this market. I try to be prepared for it and I would so not hold it against my landlord should it happen and I certainly wouldn't jerk them around. I can only hope they will be half as kind as you were. Good luck.
Same here. Love my apartment, and the thought of having to find a new place and move makes me cringe. My landlord has been amazing with me and I would never hold it against him either.
 

wazup

Well-known member
Jun 12, 2010
4,280
581
113
Same here. Love my apartment, and the thought of having to find a new place and move makes me cringe. My landlord has been amazing with me and I would never hold it against him either.
Apartment or house, you should never have to move from an apartment ever, no owner or new owner would ever want tenants gone. Also, I haven't raised the rent in 6 years,
 

rhuarc29

Well-known member
Apr 15, 2009
9,591
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3 - 4 months is appropriate. 5 - 6 months if you can. 2 months minimum, but that's kind of dickish considering how much of a life disruption moving is.
 
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