In the first part of this topic, we discussed that there are regulations that govern what a landlord should do when a tenant left personal property behind. Exemption, storage period, and documentation, duty of care have been discussed. Now what if the belongings are not exempt? Then the landlord required to notify the tenant and…
In the first part of this topic, we discussed that there are regulations that govern what a landlord should do when a tenant left personal property behind. Exemption, storage period, and documentation, duty of care have been discussed.
Now what if the belongings are not exempt? Then the landlord required to notify the tenant and any interested parties by putting up an a in a local newspaper for one day. The ad should have the details of the tenancy and of the belongings. The landlord must also contact the Personal Property Registry to see if someone else owns the properties. If it belongs to someone else, a landlord can contact them for picking the items up and pay off any administration fee that has incurred. A tenant is deemed to be in default of their obligation to the financer and the financer can repossess their property after paying the landlord any moving and/or storage fee that have incurred.
On the other hand, the landlord can dispose the belongings in a commercially reasonable manner such as using a disposal company, selling, or hauling to a dump. The landlord can keep proceeds of any sale of personal property to cover the costs incurred to administer the abandoned property and satisfy any other outstanding debt of the tenant to the landlord. In rare incidence that there is money left over, a landlord must follow the procedure set out in the unclaimed property act. A tenant or other interested party may apply for a court order to prohibit or postpone the sale or disposal of abandoned personal property.
The rental unit can be used as the storage unit if it is more cost effective to leave the belongings in the rental unit. The landlord can apply for a monetary order to withhold the security deposit for the cost of storing the tenant’s personal properties. Administration cost includes your time for administering the personal properties. In general, time is compensated at $20-$25 per hour, though there is no guideline as to what money the landlord’s time is worth.
In any case there is personal properties left behind, it is recommended that the landlord contact the tenant of the disposal date of the personal properties although not required. However, if the tenant or the tenant’s representative asks about the belongings, the landlord is obligated to advise the tenant of the status of the personal properties.
Sometimes landlords will find themselves in a situation where their tenant has left behind his or her personal properties in the rental unit after vacating the place. Before you throw all the tenant’s belongings away, you have to determine if they are considered abandoned personal properties or there may be problems when the tenant decide…
Sometimes landlords will find themselves in a situation where their tenant has left behind his or her personal properties in the rental unit after vacating the place. Before you throw all the tenant’s belongings away, you have to determine if they are considered abandoned personal properties or there may be problems when the tenant decide to claim these properties later.
Section 24 to Section 29 of the Regulations deal with abandonment of personal properties. If the tenancy had ended, all personal belongings left behind by the tenant would be considered abandoned. In general, if the total market value of the belongings is less than $500 or if the cost of storing the belongings is above the value of the belongings, then a landlord’s obligations under Residential Tenancy Act would be exempt. However, if the belongings do not meet the exemption criteria, then proper storage and/or disposal procedures would have to be followed.
The tenant’s personal properties must be stored for 60 days following the vacating date. It is recommended that the landlord takes photos of the belongings. The landlord should write down an inventory list and how the items were disposed of. These records have to be kept for two years.
The landlord has a duty of care when dealing with a tenant’s personal properties. Reasonable care and caution required by the nature of the property and the circumstances must be exercised to avoid deteriorating, damaging, or stealing of the property. It is a must that the landlord does not damage the personal property as a result of an inappropriate method of removal or an unsuitable place of storage.
A tenant can claim the abandoned personal properties after they have left, but all money owed to the landlord must be paid off. These includes unpaid rent and/or utilities and/or damages to the unit. In addition, the tenant must reimburse the landlord for the cost to move and store and administer the belongings. Once the owed amounts are paid off, the landlord can release the personal properties back to the tenant.
In the next part of this topic, we’ll discuss how the tenant’s personal properties should be properly store and disposed.
Homeowners in Vancouver should know that the city has implemented the Empty Homes Tax in 2018. If it is not declared before the deadline, the owner would be levied 1% of the property’s assessed value and a fine of $250 will be charged each delayed day. Now, the BC government has also implemented Speculation and…
Homeowners in Vancouver should know that the city has implemented the Empty Homes Tax in 2018. If it is not declared before the deadline, the owner would be levied 1% of the property’s assessed value and a fine of $250 will be charged each delayed day. Now, the BC government has also implemented Speculation and Vacancy Tax. If it is not declared before the deadline, 0.5% of the property valuation will be vacant in 2018; in 2019 and subsequent years, foreign owners will be taxed at 2% of the property valuation, and residents will be taxed at 0.5% of the property’s assessed value. The deadline for filing for both taxes is February 4, 2019. The provincial government policy will affect all homeowners with residential properties in Greater Vancouver.
The Empty Home Tax and the provincial Speculation and Vacancy Tax are two different taxes. If your investment property is located in the city of Vancouver and does not meet the exemption, both taxes apply. In other words, you must pay the Vancouver City’s Empty Home Tax for the Vancouver property, as well as the provincial Speculation and Vacancy Tax. On the other hand, if your investment property is located in other cities in British Columbia and does not meet the exemption, you only need to pay the Speculation and Vacancy Tax imposed by the provincial government.
Renting out your vacant home is one of the ways to meet the criteria as an exempt because the main purpose of implementing these vacant property taxes is to drive down rents by forcing vacant properties available for rent and increasing the number of house rentals in the region.
The rental exemption terms for Vancouver and the provincial government are different. For 2018, a house in Vancouver must be rented for more than six months to be exempt, while a house in British Columbia can be exempted if it has been rented out for three months. Short-term rentals of less than 30 days cannot be counted as tenancy period. For 2019 and subsequent years, both the province and Vancouver city will require that a house be rented out for six months or more in order to be exempt.
For homeowners with investment properties, these vacant house taxes are a driving force to consider renting out the properties. If you have an unoccupied residential property and do not wish to pay the relevant empty house taxes, now is the time to rent out your house or condo. If you feel that the management of the rental house is too complicated and involved, you should find a professional licensed rental house manager to help you out.
How to Select Property Manager Initial Research The first question to ask when choosing a proper property manager for your rental property is whether the brokerage and the property manager are licensed and insured by REEOIC. This will make sure that you are dealing only with someone who you can trust your property with and…
How to Select Property Manager
The first question to ask when choosing a proper property manager for your rental property is whether the brokerage and the property manager are licensed and insured by REEOIC. This will make sure that you are dealing only with someone who you can trust your property with and not a crook who may walk away with your rent. You should always check with Real Estate Council of BC if the brokerage is licensed for property management and have licensed managers.
Specialization of the Property Management Company
While some companies have the capacity to do full service property management for industrial, commercial, strata, and residential rental management, most boutique brokerages will serve only a part of that. If you own a second house or condo or suite, your interests will be served best by a company who specialize in residential rental properties. Such a company should be extremely familiar with the Residential Tenancy Act and other legislation to properly address residential tenancy related issues.
Rent Assessment and Setting Rent
A local property management expert should be able to provide you with a rent assessment or rent report detailing comparable rental properties specifically for your unit. A prudent property manager would want to visit your rental place before they give you a number. They will discuss strategies available for setting the rent with you and allow you to choose the option.
You are hiring the property manager for their knowledge and experience in finding good tenants. While you should trust them at this stage, it is recommended that you ask if they have paid a trustworthy credit report bureau to order a credit check on tenants and if references are required.
A property management company that can provide tenants with multiple options of payment methods will have higher efficiency in collection rent. Payment options such as cash or cheques are valid forms of payment, though they may have more issues than online debit payments. There are also a few property management companies that can take credit card for rent collection.
Inspections, Repairs and Maintenance
You would want to know what system are in place for repairs and maintenance. It is also important to know who conducts the inspections and how frequently inspections are done.