We understand you would like to sell your suite without keeping your Tenant…
Here are some things to consider and review when attempting to sell your suite without your Tenant
1. Review Your Management Agreement
CLICK HERE FOR A BLANK COPY OF A STANDARD MANAGEMENT AGREEMENT
Some Owners have signed management agreements with Sage Living for multiple years.
You may want to double check your management agreement and see if this could potentially affect your services or result in additional charges relating to your management service.
If your sale takes place before the end date of your management agreement, you may consider assigning your management services to the individual purchasing your suite. There is no fee for assigning and transferring your current management service package to the purchaser of the suite.
Should the purchaser not wish to receive management services, you should review the cost of cancelling management services early. This is currently listed at a cost of $950 + HST.
*note this fee may increase should the Owner cancel services after Sage Living has secured a new Tenant for the suite in advance for the following year. Please review Schedule A of your management agreement normally found on pages 12-13.
2. Review Your Lease Agreement
All Owners are provided copies of their most recent lease agreements.
Sage Living will sign standard leases with all Tenants.
Each lease is structured to be a minimum 12-months to a maximum 3-years long.
This means that if you have a Tenant who started their lease in September 2021, this Tenant could renew their lease up until August 27, 2024.
You may want to review your current lease agreement to see if the current Tenant will continue with their lease or cancel their lease. Tenants do reserve a legal right to stay within the suite and continue their fixed lease term. This can cause complications when an Owner would like to sell their suite without a Tenant, but the Tenant would like to continue renting the suite.
We are Here to Help!
Sage Living cannot guarantee being able to relocate your Tenant to a new suite, but our office has had a lot of success in relocating Tenants for Owners.
We can offer this as a unique service where an Owner can recruit members of our staff to assist with this specific and unique service request.
CLICK HERE FOR MORE INFORMATION ON USING SAGE LIVING TO HELP RELOCATE YOUR TENANT
3. Contact Sage Living + Notify Them of The Sale
Its very important to understand that selling your suite may result in one of two scenarios:
2. Cancelling Your Management
CLICK HERE FOR TERMINATION OF MANAGEMENT AGREEMENT FORM
This process can take more time, does come at a cost to the Owner and may include various other arrangements. No two management cancellations are exactly the same.
This scenario will normally occur when the Owner wishes to sell their suite and the purchaser does not wish to continue with the Owner’s current services contracted through Sage Living.
First - The Owner would review and sign complete the agreement in full and provide payment to Sage Living.
NOTE: Sage Living cannot begin this process without first receiving payment in full
SECOND - Continue to review and complete the steps as needed and dated on the agreement. This includes the Date of Last Rent Collection, Date of Management Cancellation, and Date of Final Accounting
FINAL - The Management Service will terminate as per the arrangements made within the agreement
1. Transferring Your Management
CLICK HERE FOR TRANSFER OF MANAGEMENT AGREEMENT FORM
This is relatively quick and easy to complete.
This will normally take place when an Owner is selling their suite to someone who would like to continue with the services received by the current Owner.
FIRST - We will require the Owner and the Purchaser complete the Transfer of Management.
SECOND - We will collect the information and work to coordinate the needed adjustments to billing
FINAL - The Management Service will transfer on the provided date within the agreement form
Still Have Questions?
No Problem, We Are Here To Help!
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