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Monday, March 8, 2010

Landlord Series - Notice of Termination (Part 6)

The Landlord Series are various tips to help the owner of a rental property become a better and more informed landlord.

In this series we explain the Notice of Termination (Part 6)

Today we are going to explain the Notice by a Mortgagee

When a landlord doesn't make their mortgage payments, a mortgagee may decide to foreclose on the rental unit. In spite of what a mortgage agreement may say, a mortgagee must follow the Residential Tenancies Act when giving a tenant notice to move. This applies even if a mortgagee doesn't collect rent from a tenant.

A mortgagee must honour any agreement between the landlord and tenant. A tenancy agreement survives a foreclosure. This policy applies even if the landlord had rented out the dwelling without the prior knowledge of the mortgagee.

Any termination notice by a Mortgagee follows the same rules as a landlord - if the property is being sold there must be three months notice, and only if a new owner or the owner's immediate family is moving into the residence for their own personal use.

Got questions? Email us at owners@garamark.net
GaraMark Property Management is located in Winnipeg, Manitoba and successfully balances protecting the investment of an owner while retaining happy tenants.
www.garamarkpropertymanagement.ca

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