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How to save on a residential warranty in Ontario
A residential warranty is a program that lets homeowners buy a property that’s been deemed unfit to live in, but a landlord can still require the property to be renovated or rebuilt, and then sold.
For example, if the property is in need of a major renovation, the landlord may require a buyer to make a down payment of $10,000.
If a buyer is unable to make that down payment, the property may need to be rented out to an outside tenant.
OntarioPropertyOwnership.ca.
Residential segregation is when the owner of the property does not own the house.
That means that when a new tenant moves in, he or she has to vacate the property first.
If the tenant can’t pay rent, the new tenant may have to leave the property.
This can result in the property being used as a public housing unit or a shelter.
A homeowner can get a residential segregation warranty if the new tenants lease has expired, the lease is over and the property was vacated.
A new lease can only be renewed if the tenant pays a $10 down payment on the property, which means the property can be rented for up to three years.
However, if it has been vacated and the tenant cannot pay rent on time, the tenant will be required to vacant the property and buy the property from the new owner.
For further information, contact the Property Owners and Managers Association (POAMA).
The Residential Tenancy Act is the law that governs residential housing in Ontario.
Learn more about residential tenancy law.
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