I would like to Terminate my Rental Management Agreement

In accordance with the Rental Management Agreement, 90 days written notice is required to terminate your Rental Management Agreement from the initial term.  Please advise if you are looking to self-manage the suite with the tenants in place, sell or move into the units yourself. We are asking about the nature of your termination as all 3 processes will differ.

Should you wish to Self- Manage -Please kindly note that the tenancy does not automatically end. The tenancy renews automatically on a month-to-month basis (as per the lease agreement) unless the tenants submit their vacate notice. Unfortunately, you cannot legally request the tenant leave if you intend to sell or re-rent the unit.

Should you wish to Sell the Unit? - In accordance with the Residential Tenancies Act, 2006, when the owner has received a confirmed Purchase of Sale, the Tenant will be served with an N12 form, Notice to Terminate the Tenancy at the end of the term for the Landlord’s or Purchaser’s own use, providing the tenant with 60 days’ notice of termination. NEW: Kindly be advised that new laws have been implemented as of July 31, 2020, requiring the owner to compensate their tenant one (1) month’s rent to assist with the relocation fees. The Notice to Terminate at the End of the Term for Landlord’s or Purchaser’s Own Use (N12) and Notice to Terminate at the End of the Term for Conversion. I have included the link below if you wish to verify this information: https://tribunalsontario.ca/documents/ltb/Notices%20of%20Termination%20&%20Instructions/N12_Instructions_20200728.pdf

Should you wish to Self-Occupy? - Kindly be advised that new laws have been implemented as of September 1, 2017 requiring the owner to compensate their tenant one (1) month’s rent to assist with the relocation fees. I have included the link below if you wish to verify this information: NEW: Kindly be advised that new laws have been implemented as of July 31, 2020  requiring the owner to compensate their tenant one (1) month’s rent to assist with the relocation fees. The Notice to Terminate at End of the Term for Landlord’s or  Purchaser’s Own Use (N12) and Notice to Terminate at End of the Term for Conversion. I have included the link below if you wish to verify this information: https://tribunalsontario.ca/documents/ltb/Notices%20of%20Termination%20&%20Instructions/N12_Instructions_20200728.pdf