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HELP - renting condo from private owner (Toronto)

post #1 of 11
1/17/10 at 3:11pm
Thread Starter 
I'll likely be signing the lease agreement to rent a condo from a private owner, what should I be asking for in terms of proof of ownership? I don't want to hand over a cheque to someone just because they have a key to front door.
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post #2 of 11
1/17/10 at 3:24pm
Quote:
Originally Posted by LVoer View Post
I'll likely be signing the lease agreement to rent a condo from a private owner, what should I be asking for in terms of proof of ownership? I don't want to hand over a cheque to someone just because they have a key to front door.

thats a great question.

I know that what I did was look up based on the property tax records for the property (not sure how it works in canada) which was available on either the city or county website (usually under treasurer or assessor), and made sure that the name on the deed was the same person I was dealing with. Every condo should have its own deed/title.

You could also ask the building's association, they also keep records of who owns what.

I would just broach the subject, dont be embarassed, just say the truth, that before you hand over a check you wanted to make sure you actually owned the place, nothing personal. See if they have a copy of the deed/title (which they should)


Where in Toronto is you dont mind me asking....
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post #3 of 11
1/17/10 at 3:33pm
Thread Starter 
Bay Street, a few blocks south of Bloor.
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post #4 of 11
1/17/10 at 3:50pm
The first response is a good suggestion too. God knows how many Toronto Municipal tax assessment mail I get from the mailbox so I'm sure if you make a quick inquiry you can confirm.

I won't pretend to be an expert but you can also inquire at the property manager's office of the building about whether there are issues with the unit, etc.

Is there a previous tenant that can act as a reference?

Three things I learnt from mine: free utilities that aren't really free (basically there is an upper cap on how much they will pay). Automatic rent increases put into the agreement. And if your owner owns a swath of units in the condo, make sure the right suite is on the lease agreement.

If you're really leary and still have time, going through a realtor will give someone else the leg work to do and the owner pays for all the fees.
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post #5 of 11
1/17/10 at 4:16pm
You can view the assessment roles (see link below) and/or ask for a certified letter of ownership as well as following jgold's advice for additional information.

http://www.toronto.ca/assessment/index.htm#assess
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post #6 of 11
1/17/10 at 4:19pm
Thread Starter 
Quote:
Originally Posted by shiftless_bum View Post
You can view the assessment roles (see link below) and/or ask for a certified letter of ownership as well as following jgold's advice for additional information.

http://www.toronto.ca/assessment/index.htm#assess

If I look up the assessment will it have the owners name on it?
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post #7 of 11
1/17/10 at 7:27pm
One other thing to keep in mind is many owners who are behind in their mortgages or underwater are turning to renting their places out and pocketing the lease payments rather than making their mortgage payments. I know of a couple people in long-term leases who were evicted because the owner went into foreclosure!
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post #8 of 11
1/17/10 at 8:00pm
Thread Starter 
Quote:
Originally Posted by Dakota rube View Post
One other thing to keep in mind is many owners who are behind in their mortgages or underwater are turning to renting their places out and pocketing the lease payments rather than making their mortgage payments. I know of a couple people in long-term leases who were evicted because the owner went into foreclosure!

That's interesting, I never though of that. How do you defend against it?
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post #9 of 11
1/17/10 at 8:24pm
I've heard of people remitting their lease payments to — essentially — an escrow company that makes the mortgage payment, sending any excess to the owner. Raising the question directly with the owner is liable to cause some discomfort and should probably be done as delicately as possible.
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post #10 of 11
1/17/10 at 9:11pm
Thread Starter 
Maybe if he defaults I can buy it, LOL. Squatters rights??
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post #11 of 11
1/17/10 at 9:34pm
Quote:
Originally Posted by LVoer View Post
Maybe if he defaults I can buy it, LOL. Squatters rights??

Only if it after at least 20 years and you don't pay rent for it and you can convince others that you actually own the unit and the owner or its agent never corresponds with you..... Squatters rights here are hard to establish.

Also a long term lease here has its limits and can be terminated based on sale of property. Make sure there is a good notice clause about sale of the unit in the lease.
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