REAL 4840 Lecture Notes - Lecture 8: Title Insurance, Basement Apartment, Uptodate

• School: University of Guelph
• Department: Real Estate and Housing
• Course: REAL 4840
• Professor: J.Moon

Document Summary

Residential tenancy legislation is constantly changing (cid:373)o(cid:448)e(cid:373)e(cid:374)t depe(cid:374)ds la(cid:396)gel(cid:455) o(cid:374) (cid:449)ho(cid:859)s i(cid:374) politi(cid:272)al po(cid:449)e(cid:396). Tenancies can have a significant impact what property values are worth. Rent increase restrictions etc: new-owner you want to make sure rents being charged are legal, get appropriate warranties. La(cid:374)dlo(cid:396)ds ofte(cid:374) thi(cid:374)k, (cid:858)the(cid:455) (cid:272)a(cid:374) do (cid:449)hate(cid:448)e(cid:396) it(cid:859)s thei(cid:396) house(cid:859) Ensure you know your rights as a tenant. There is a registry that can be searched: multi-unit apartment buildings usually have their legal rents, rent registry etc. So(cid:373)eo(cid:374)e just (cid:396)e(cid:374)ti(cid:374)g a house/(cid:271)ase(cid:373)e(cid:374)t apa(cid:396)t(cid:373)e(cid:374)t p(cid:396)o(cid:271)a(cid:271)l(cid:455) (cid:449)o(cid:374)(cid:859)t (cid:271)e i(cid:374) the (cid:396)egist(cid:396)(cid:455) Look at the business of being a landlord: this is a regulated business! There are protections: new legislation, a lot is favourable to the tenant. Fo(cid:396) a (cid:449)hile, p(cid:396)ope(cid:396)ties (cid:271)uilt afte(cid:396) 1991 (cid:449)e(cid:396)e(cid:374)(cid:859)t (cid:272)o(cid:448)e(cid:396)ed (cid:271)(cid:455) (cid:396)e(cid:374)t-increase guidelines. Landlord could charge whatever they felt they could get (cid:449)e(cid:396)e(cid:374)(cid:859)t li(cid:373)ited (cid:271)(cid:455) the statutory increase.