COVID-19 showed me that, notwithstanding one’s legal rights, landlords and tenants can co-operate, especially since their survival was interdependent. This is especially true during the height of COVID-19.
Unfortunately, due diligence is perhaps best approached with the belief that the vendor is trying to hide something from you. Because of this, it's wise to go in knowing your answer to the following questions.
If organized real estate could get the ball rolling on this through their PAC, it would help everyone in the end. It would be an incentive for landlords to keep their units in good shape. Help increase property values.
This clause is brutal to read and causes confusion. The common solution: ignore it and hope for the best! The problem: if you don’t deal with the confusion you are guaranteed mismanaged expectations, conflict and exploitation.
REM (Real Estate Magazine) is Canada’s premier monthly magazine for real estate professionals. REALTORS®, real estate agents, sales representatives, brokers, owners, administrators, and other real estate industry stakeholders read REM every month for news, analysis, and commentary on Canadian real estate.
REM is independently owned and operated, and is not affiliated with any real estate association or board.