Renting Your Condominium
When you own a condo you also share ownership of the common property with all the other owners. Examples of common property are hallways, stairwells, sidewalks, and roads. Balconies, patios or yards are often common property too, but they are usually for the exclusive use of the occupants of the units that are attached to them.
The board of directors, elected annually by the owners at the Annual General Meeting (AGM), have a responsibility to maintain the common property. Owners are responsible for any damage to the common property whether is caused by the owner, a visitor to the unit, or a tenant.
A condominium is governed by its bylaws, board policies and the CPA. Owners, visitors and tenants must abide by the bylaws, or the owner may face sanctions.
Unit owner responsibilities
The owner is responsible for the actions of his or her tenant. The CPA requires the owner to give written notice to the condominium corporation that the unit will be rented. Many corporations have a document called a tenant undertaking that collects the required information.
The condominium corporation may request a deposit of not more than one month’s rent when a unit is rented. The deposit is to cover repair to, or replacement of, any common property that the tenant damages. The owner may not ask the tenant to pay this deposit.The owner must agree that the tenant will not damage the corporation’s property and will abide by the bylaws of the corporation.
The tenant must also agree to not damage the corporation’s property and to abide by the bylaws.
If the tenant causes damage to the common property, or does not follow the bylaws, the corporation has the authority to evict the tenant. The tenant can be evicted with as little as one month notice, even if the landlord does not want to terminate the lease. In extreme cases, the corporation can apply to the court for an order to give up possession. In this case the court decides when the tenant must leave. Eviction under the CPA supersedes the rental agreement between the landlord and tenant, and the RTA.
If the tenant refuses to leave, the corporation can apply to the Court of Queen’s Bench for an order to vacate. All repair, legal and court expenses will be charged to the unit owner’s account.
If you plan to rent your condominium, please contact the Customer Care Centre (CCC), your community manager or your community assistant to find out what you must do to be compliant. There may also be move-in or move-out policies of which you need to be aware. Many policies require several days advance notice to the management company.
FirstService Residential Sales and Leasing Division can also manage your rental property for you. We can provide you with the comprehensive rental management services you need to maximize your investment and achieve your goals.Contact us today!