Summary
Highlights
The session outlines the rental process flow, highlighting the importance of starting with the right foundation. Key documents discussed include mandatory disclosure forms, property listing forms, mandates, and FICA compliance documents necessary to establish a professional business relationship.
This section covers marketing, property disclosures, and the crucial step of screening prospective tenants. It emphasizes that the estate agent facilitates the agreement on behalf of the landlord and tenant, and that the lease must clearly define all obligations, including utilities and escalation clauses.
Four types of inspections are detailed: preliminary, move-in, quarterly, and move-out. A key takeaway is to be as thorough as possible with photos and documentation to prevent 'he-said, she-said' disputes regarding damages and repairs.
An overview of the Rental Housing Act and the role of the Rental Tribunal as a free, fast, and effective mediator for disputes, particularly concerning deposits and lease disagreements.
Explains the difference between a procurement lease (placing the tenant only) and a maintenance/management lease (ongoing involvement). It touches on commission structures and the importance of maintaining control of security deposits in a trust account.
Addresses the legal process for handling non-paying tenants, including the correct use of the Consumer Protection Act and Rental Housing Act. It emphasizes the illegality of spoliation (such as cutting utilities) and the necessity of following legal eviction procedures.