Are You Cancelling Management Services, But Your Tenant Chose To Renew Their Lease?
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We understand that some Owners have chosen to terminate management services with Sage Living, but their Tenant has chosen to renew their lease.
This means the Owner will be managing the Tenant with the current lease agreement in place.
Here are some important things to know:
1. Rent Collection
It is now the Owner’s responsibility to contact the Tenant and coordinate rent collection.
If your management services are ending August, that means you will be responsible for collecting August rent from the Tenant.
Special Note: We encourage all Owners to collect rent from their Tenant as outlined by the Landlord and Tenant Board and Provincial Government. This means a Landlord / Owner cannot require a Tenant pay rent through a specific payment type. The Landlord / Owner is entitled to collect rent, but the Tenant can pay rent through their desired means (providing the Landlord / Owner is able to provide such payment option).
Example: An Owner cannot require a Tenant to pay by Post Dated Cheques. The Tenant is permitted to pay rent through their desired means of rent payment.
A Tenant can also not require an Owner collect rent through automatic debit or similar if the Owner is without this capability.
2. Key Deposits
Sage Living holds a private agreement between our office and the Tenant where our office secures a refundable key deposit in exchange for providing a key set to the Tenant.
Sage Living will be refunding these Tenants their key deposit in full.
Sage Living will instruct the Tenant to return the keys directly to the Owner when they move out of their suite.
The Owner may contact the Tenant to negotiate a new refundable key deposit with their Tenant as they see fit.
Special Note: Sage Living suggests all Owners abide by Provincial Guidelines when requesting a key deposit. All key deposits must not exceed the value of the key set and must be made 100% refundable providing keys are retuned in good working condition. Key deposits are held only for the purpose of replacing key sets should they not be returned in good working condition and cannot be used to offset the cost of repairs or collections of any kind.
3. Daily Management
Owners should be prepared to offer regular management services and support for their Tenants. Sage Living has offered all Tenants 24 hour assistance for repairs and lock-outs. Tenants may expect to receive a similar form of assistance from their Owner.
All terms and conditions within the lease agreement must also be continued and honoured. All agreements were signed in the Owner’s name and the Owner must perform all duties within. For more information, please review your lease agreement. You may also wish to consult with members of the Landlord and Tenant Board CLICK HERE FOR LTB LINK
Have more questions?
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