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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
GaraMark Property Management is located in Winnipeg, Manitoba and successfully balances protecting the investment of an owner while retaining happy tenants.

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