Oh yes, this approach is well known to savvy real estate agents and insider investors. It means they’re saying there’s more ways to get the job done. Say your selling your rental property to an investor. His agent says that he’ll pay your asking price of 300,000 if you accept the terms. One of the terms being that completion dates are set for 8 months later. This enables him to purchase something today with today’s prices and buy 8 months from now when real estate goes up in value. He will gain equity right from the get go and will have a very easy time getting a prime interest rate. What is the benefit to the seller The seller sees no benefit from it. In fact it is a liability because there is no mortgage geared towards the new buyer, and all insurance is applicable to yourself. Unless the buyer is offering a monthly installment of cash to keep the deal alive, there is simply no benefit to the seller.
Many sellers avoid being around the property when it is being sold to buyers. Often times when the buyer and seller do end up together during a property showing, sparks can fly and people will get aggressive. People could loose control when there is simple bartering between them. Before you know it the buyer is crossing his arm’s, a nasty face is made and words pass between them. Sometimes the seller is insulted. Sometimes the buyer will start talking harshly in a different language. This can often times make the seller fell uncomfortable. Agents learn how to deal with buyers nasty comments and nasty looks. A good agent will ask the buyer, what color would you install if this was your home And so on.
Nitpickers that pick apart the property with every little flaw are often interested buyers attempting to appear disinterested. Watch for one or two of these signals and remember that it is often a sign of interest. Same with when the buyer is asking structural questions. There’s no reason to get into these technical questions if the buyer is not interested in the unit. Also when buyers are asking for hidden gems like, is there hardwood floors under this carpet They’re really asking for a little spice extra to push them into buying the home.
Most cities in Canada have a department dedicated to ensuring that the city makes sure all the codes and bi laws are informed for each individual commercial, residential and industrial property. In most cases, you can call these departments and check the property you are about to lease. These bi law officers will notify you if the department believes the property is in violation of something. This is why it’s best to find out the address and do your homework prior to viewing the unit. Be sure to give your bi law officer or city hall representative lots of time to check the situation out and do not be in a rush. If there hasn’t been an inspection in quite some time you can request that the city do an inspection on the property. Remember that even if the city representative doesn’t find a violation, that doesn’t mean that there is one. The inspection will vary in intensity and can be quick or take several hours. Inspections vary on a scale from parking violations to building codes. Any violation, no matter how small, can keep the city from issuing an occupational lease, which means, if you have already started your lease, you may be off the hook for rent. Possible code violations are fire codes, health department codes, Ownership title claims, lease rules and regulations, and any other provincial and municipal bi laws.
In some lease situations it is important to have a photo documentation of the conditions before the lease existed. Why so Because disputes arising due to damages or lost items in a lease, furnished or not, could be attributed to you. This includes acts of vandal, burglar or guests. Why not have the photographic evidence that reflects the property. The best way to do this is to take photo’s of the property and burn them onto a cd. If the landlord or property owner attempts to charge you for a unnecessary bill, review your cd and then burn him a copy.
Garbage collection is one question that you should always have a clear answer about. How When and where! A good lease for an apartment building will allow for you to move extraordinary amounts of garbage and trash that accumulates during the moving in and moving out process. Most leases should allow for the landlord to have the garage removed with no cost to the tenant.
These are three things to keep in mind when renting your next apartment building.