Are You Cancelling Management Services With A Tenant Who Discontinued Their Lease?
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We understand that some Owners have chosen to terminate management services with Sage Living and their suite will no longer be rented by Sage Living.
This means the Owner will be provided vacant possession of their suite and may choose to rent or occupy the suite as they see fit.
Here are some important things to know when transitioning out of Sage Management with vacant occupancy:
1. Key Copies
Current Tenants will be vacating their suite as of August 27th. The Tenants are expected to return their key sets to the Sage Living office no later than August 27th at 2pm.
Collected key sets will be available to the Owners for pick-up as of August 28th at 2pm.
2. Move-Out Inspection
Owners have been provided their Tenant’s contact information and can contact their Tenant to coordinate a move-out inspection.
It is very important for the Owner to coordinate a move-out inspection with their Tenant and provide an invoice to the Tenant for any damaged items prior to the Tenant vacating the suite. Owners may not be able to collect from their Tenant should they provide an invoice after the Tenant has vacated the suite.
We encourage all Owners to coordinate their inspections prior to the end of August. As a reminder, our office will be closed to the public at the end of August and it is best you inspect the suite prior to our office being closed should your inspect result in any additional questions for Sage Living. Response times may be delayed between late August to mid September as a result of a higher than normal volume of communication.
3. Temporary Rent Hold
As a reminder, when an Owner cancels their management service with Sage Living, Sage will retain the last collected rent amount for a brief period of time. This month of rent is held to ensure any potentially outstanding invoices or amounts are applied to your account prior to releasing the funds.
Typically a majority of Owners will result in no additional deduction from this held amount. Once it has been determined that there are no additional costs or invoices, Sage will release the funds to the Owner. Without holding this amount, Sage would have to rely on additional resources to collect the amount owed from the Owner to Sage Living which may result in greater overall costs or delays.
This is a standard precautionary measure adopted to mitigate the loss for both the Owner and Sage Living. Funds will be released, less deductions if any, at the end of the 60 day period following the date where last rent collection was completed. Specific dates may vary and have been previously communicated in an email by our Accounting team directly to the Suite Owner.
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