My daughter leased an apartment four years ago. She and her then-boyfriend were listed on the lease. After an acrimonious breakup two years ago, she moved out and moved on. At the time, he refused to sign the paperwork to remove her from the lease. He still lives in the apartment and my daughter does not want any contact with him. How do we get her name removed from the lease? – FRUSTRATED
DEAR FRUSTRATED: Based on your question, I’m going to make the assumption that your daughter and her ex-boyfriend signed a one-year lease originally. If that was the case, they both would have been responsible for the property over the course of the rental term. When the lease term ended, if the ex-boyfriend chose to stay, responsibility for the property would have fallen on his shoulders.
I’m not sure what paperwork your daughter and her ex had to sign, but if it was a one-year lease two years ago, the term is up and she no longer has any obligation. If there are any questions, it may be a good idea to contact the former landlord and confirm that she no longer lives in the unit.
PRO TIP: As a tenant, if you pay your rent on time and don’t break any rules, you never really need to sign a new lease. I suggest referencing the Residential Tenancies Act to gain a clear understanding of your rights.
We purchased an investment duplex several years ago and have completed a number of improvements and upgrades over that time. Our duplex is currently vacant and we’re getting ready to sell. We brought in an agent, who estimated a selling price range of between $550,000 and $700,000. What’s up with that? – BAFFLED
DEAR BAFFLED: It sounds like you picked the perfect time to sell your property and have done all the right things over the course of your ownership.
The fact that the duplex is vacant makes it ideal for a fellow investor, or someone who wants to move in and use the second unit as their mortgage helper. With no existing tenants in place, the buyer will have a chance to achieve full market value rent, rather than being tied to rates that were set five or ten years ago and subject only to provincial guideline increases. I often hear investors bragging about the fact that they have long term tenants, but what this tells me is that their rents are probably below market value.
Vacant or not, the rental status of your duplex doesn’t justify the broad spread of your agent’s suggested price range. For clarity, you may want to seek out a second opinion. To find an expert you can trust, ask a friend, relative or coworker to recommend someone they’ve worked with in the past.
PRO TIP: When you own a rental property, each vacancy can be turned into an opportunity. Losing a tenant gives you the chance to improve your unit and achieve full market value when you rent it out again. #AskDavid #Advice