Real Estate

Ending a Current Lease After Purchasing Condo Unit

  • Last Updated:
  • Jul 10th, 2017 10:21 am
[OP]
Member
Mar 29, 2006
397 posts
12 upvotes
Toronto

Ending a Current Lease After Purchasing Condo Unit

We found a condo that we really like. Based on our preferred unit size, unit facing direction, unit location.... there are not that many units that fit our preferences and these units very seldom come up for resale. We just saw a unit which meets all of our preferences -- But the owner of the unit has just signed a new lease with a new tenant. If we approach the owner and become successful in purchasing the unit, is it possible to end the newly signed lease and live in the unit ourselves?

Thanks so much.
2 replies
Deal Fanatic
User avatar
Sep 8, 2007
6406 posts
5140 upvotes
Way Out of GTA
No if you buy it you can occupy at the end of the lease term with proper written notification and now I take it one month's rent as compensation when an owner occupies their unit.

You collect the rent on one had but have to pay rent on the other hand. After purchasing you could always approach the tenant if they would be willing to end the lease early and work out a deal. But there's no guarantees there.

But bottom line buying tenanted properties is messy and vacated units are always preferred.

Do not rely simply on what RE agents might say to you as to ending the lease go straight to the source and the LTB documents. Read them and fully understand all complexity of the situation before even considering the unit.
Sr. Member
May 3, 2013
549 posts
126 upvotes
Toronto
Also, make sure that before you purchase, to have a condition to review the lease first. If you plan to assume the tenant for the term, make sure you are comfortable with the lease that was signed. Sometimes, it is worth waiting for the end of the lease, especially if units that you like are hard to come by.

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