Checklist for Buying Tenant Occupied Properties

  1. Ask for a copy of the move-out-inspection report in the Contract of Purchase and Sale even if they didn’t fill out a move-in report. The reason for the move-out report is to make sure that when the tenants move out and you take possession of your new home, it is left in the same condition as when you viewed the home earlier in the process which could be a couple of months back. Pictures are worth a thousand words so take pictures whenever possible.Red_Checkmark.svg
  2. Tenants move out on 30th or 31th of each month. The possession dates should be at least 2 days after the end of the month to ensure tenant have moved out and the home is properly cleaned.
  3. Seller can ONLY ask the tenants to vacate property if the buyers (or their immediate family) intend to live in the unit themselves. Ask for the tenant to vacate the property in the Contract of Purchase and Sale.
  4. If the buyer does not intend to live in the unit, the unit cannot be rented for 6 months or the tenant that was given notice to vacate can go to the Residential Tenancy Branch and win double of the last month free rent plus the cost of moving.
  5. Seller has to give tenant 60-day notice to vacate t0 tenant (if month-to-month) and the last month is rent free. The tenant also has the right to give landloard 10-day quit notice and the landlord has to pay the remaining of the two months’ rent back to tenant.
  6. Remove Subjects before 23rd of each month to give enough  notice for tenant to vacate.
  7. Ask for professional cleaning especially the kitchen, bath and carpet in the Contract of Purchase and Sale.
  8. Ask if the fixtures belong to the tenants or landlords. If it’s the tenants’ they will take theirs with them. Also take pictures of the appliances and note their model numbers just in case.
  9. Request proof of how security and/or pet deposit was handled at completion.
  10. Change the locks after purchasing the home. You never know how many people have a copy of the keys.