Real Estate And COVID-19 – MORE HELP FOR LANDLORDS

COVID19-More Help For Landlords

Real Estate And COVID-19 – MORE HELP FOR LANDLORDS

Alright, now rent is officially late.  The Tenants have not paid and Landlords are trying to decide what to do. Well, let’s start by taking a look at some key facts. There have not been any formal changes to legislation;

  1. that say that Tenants do not have to pay rent.
  2. that say a Landlord can use Last Months Rent to cover the rent that the tenant can’t pay
  3. to address how landlords are to handle non-payment of rent.

In the absence of specific instructions from the government to the contrary, I urge Landlords to follow existing procedures. 

I Am Not Suggesting That You Try To Evict Your Tenants During This COVID-19 Pandemic.

The proper procedure for non-payment of rent in full by the date that it is due if for the Landlord to give the Tenant an N4, the day after the rent was due. For a copy of the form and instructions on how to complete the form and how to serve notice visit: 

Instructions for form N4

To Download form N4

I would then suggest directing your clients to any help that may be available to help them get assistance to pay their rent. As I mentioned in a previous post there are multiple programs available but they need to apply.

Help your tenants navigate through the system it may help them pay rent.

Visit:

Canada Emergency Response Benefit

Please be aware that a person must have a CRA My Account or a My Service Canada Account to apply online. Failing which they will need to create an account and receive verification by mail (will take 7-10 days). People can also apply by phone at 1-800-959-2019.

When to apply:

If you were born in the month of

Apply for CERB on

Your best day to apply

January, February or March

Mondays

April 6

April, May, or June

Tuesdays

April 7

July, August, or September

Wednesdays

April 8

October, November, or December

Thursdays

April 9

https://www.ontario.ca/page/ministry-children-community-and-social-services

https://www.durham.ca/en/living-here/housing-outreach-and-eviction-prevention.aspx

https://www.centraleasthealthline.ca/listservices.aspx?id=10723

http://www.nipost.org/toronto-rent-bank

Another thing to keep in mind is that before COVID-19  there was a 4-5 month wait for a hearing with the Landlord and Tenant Board. Many suspect that when hearings resume it will take between 9-12 months. Make the right decisions now to make it easier for yourself later.

If you NEED to buy or sell you we are here to help. I must emphasize that NEED is not the same as want. If you need help with Mortgage Relief, or Property Tax Relief we may be able to give you some guidance.

If you have any questions please feel free to leave a comment below or contact me directly at 905-718-0173, and I will provide you with the most up to date information available.

And just as a reminder, PLEASE take the COVID-19 pandemic seriously. For the health and well being of everyone, listen to the health professionals and maintain social distancing.