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Thinking of renting your place? As a property owner, it’s your responsibility to get in-depth about the leasing process before renting your place to someone. But not many people pay attention to the forthcoming consequences on the early termination of the leasing terms by the renter.
Whether it’s a condominium, rental space or commercial building, it’s always better to keep a trusted real estate manager at your rescue. Mareka Properties is one of the acclaimed condo property management companies in Etobicoke and is a veteran in the property management industry. If you are a brand-new property owner and unaware of most of the industry guidelines, this is the place to delve in!
As a property owner, it’s your responsibility to get in-depth about the leasing process before renting your place to someone. But not many people pay attention to the forthcoming consequences on the early termination of the leasing terms by the renter. Well, even if your tenant has a valid cause for breaking the lease, there are still some decisions in your hands.
A lease agreement loudly announces that the tenant is confirming to pay rent for the entire term. For instance, when a renter leases your house with the condition of paying $1000 a month, the total payable amount is $12000 in 12 months. In this case, if the tenant wants to move out in 6 months, they still need to pay the rest of $6000 to you.
However, there are ways to move the tenancy to another person, given that tenants follow the right procedures. As a landlord, it is completely your decision whether you want to transfer a tenancy, let the previous renter pay until you find a replacement or release the tenant.
The worst scenario is when your tenant disappears without a trace. Nevertheless, they can be tracked down using the information you acquired while making them sign the crucial leasing documents.
According to the Residential Tenancies Act, as a property owner, you have the right to take all the possible actions to ease off your losses after a tenant breaks the lease term. Moreover, you have the power to charge your renter with unlawful damage, when you have enough data to support your case. However, most property owners try to avoid the risks of putting a lot of effort, time and funds.
Finding another tenant seems to be an easy task but many of you will find it hard as well. It not only involves showing your property to the prospective tenants but screening their overall background is an integral part.
If you are confused about your next step in this situation, contact us today for all your rental management concerns. Our property managers at Mareka has years of experience to deliver you the best tenants.
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