IF I’M READY TO LEASE, WHAT’S NEXT?
Sunreal’s broker will help you negotiate and renew your lease agreement so its terms are fair.
WHAT IS COMMON AREA MAINTENANCE (CAM)?
You should be allocated a percentage of the CAM you are responsible for based on the percentage of the building you are renting in your lease.
IF A LEASE HAS EXPIRED AND THE TENANCY IS CONTINUING ON A MONTH TO MONTH BASIS, DO THE RIGHTS AND OBLIGATIONS IN THE OLD LEASE STILL APPLY?
No, the rights and obligations set out in a lease do not renew on a monthly basis when the lease expires.
IF A LANDLORD IS NOT FULFILLING THE OBLIGATIONS SET OUT IN A LEASE SUCH AS MAINTENANCE OR PROVIDING UTILITIES, WHAT OPTIONS DOES A TENANT HAVE?
A tenant has two options in this situation: to take the landlord to Small Claims Court to recover costs, or to go to Superior Court of Justice and get a court order requiring the landlord to fulfil the conditions of the lease. In court, the tenant could also ask for compensation for losses incurred as a result of the landlord’s actions, such as lost business. Tenants should speak to a lawyer to evaluate their options.
WHAT ARE THE OPTIONS IF A TENANT WANTS TO GET OUT OF A LEASE AGREEMENT?
According to contract law, a tenant is obligated to pay for the full term of a lease agreement, unless the lease has a clause allowing the tenant to end the tenancy early. However, tenants are allowed to sub-let or assign a lease to someone else, unless the lease prohibits it. As well, a landlord could choose to work out an agreement with the tenant, such as requiring rent payments until the unit is re-rented.
What Are The Duties Of The Condominium Association Or Board Of Directors?
The Condominium Association/Board has several duties and responsibilities. They are responsible for the day-to-day operation of the complex, as well as long term planning. The association is supposed to oversee what is happening in the complex, and make sure that owners adhere to the rules and regulations.
For instance, the bylaws may prohibit items that may be stored or kept on a balcony or patio. The condo association would be in charge of addressing issues that arise.
A good Condo Association is fundamental to maintaining your condominium´s value. It is certainly preferable to have a professionally managed complex.
Can A Condo Board Evict An Owner Alberta?
Yes, the Condominium Act and most Alberta Condominium Bylaws provide for the Board’s authority to evict a bylaw- breaching tenant. … Prior to this ruling, corporations could evict the misbehaving tenants of owners, but the authority to evict an owner had been in doubt.
Who has voting rights on the condo board?
Condo owners will be allowed to vote at an AGM so long as they are entitled to vote at the meeting and are present to vote in person or by proxy.
How much money should be in the reserve fund?
Typically, our condominium associations will set aside somewhere between $60 and $150 per unit every month.
What is a reserve fund?
The reserve fund is an account established by the condo association to anticipate extraordinary costs and major repairs of the common areas and common elements of a condominium complex, such as driveway resurfacing, roof replacement, new landscaping, etc.
What is a Declaration? (known as covenants, conditions, and restrictions in other provinces)
A declaration is an instrument, similar to a deed that sets forth the legal particulars and creates a condominium complex. It gives the legal description of the parcels and the legal description of each unit. It details the percentage of ownership in the common elements that is allocated to each unit. As well as, any other lawful provisions that the developer/owner deems desirable to promote and preserve cooperative ownership and to facilitate proper administration.
What Is A Resale Certificate?
It is a document that provides a potential buyer with the pertinent facts and financial details regarding a particular condominium complex. Most Condominium Acts require that the governing body of the association provide a balance sheet, income and expense statement, operating budget, condominium declaration, bylaws, and the rules and regulations. Some associations charge an administrative fee. Once the seller requests the resale certificate from the association, they have ten days to provide this information to the seller. An original sale certificate is required for “to be built” developments or newly converted units.
What Are Condo Fees?
Sometimes called maintenance fees, condo fees are proportionate charges for your share of the upkeep and maintenance of common areas and reserve fund contributions of the condominium complex.
Fees vary dramatically, according to the property, age, location, and amenities offered to residents.
Services such as a 24-hour concierge desk, elevators, a clubhouse, swimming pools, work-out facilities, and security increase the overall fees. Also, the utilities included will vary from complex to complex.
*WARNING! super low condo fees may be appealing, but be careful you don’t purchase into a complex that is in a financial crisis.
Typical items covered by condo fees:
Maintenance of common areas & common elements (i.e. landscaping, exterior maintenance)
Reserve fund contributions
Utilities (electric for common areas, water, sewer)
How Are Condo Fees Determined?
Fees are usually based on the annual operating costs for the entire building/complex and divided by each owner´s individual contribution to the common expenses per the condominium association rules and regulations, as well as contributions to a reserve fund. Each owner has a vote in the decision on whether condo fees should be increased should the board of directors call for an increase due to increasing overhead.
Do I Need To Purchase Insurance?
Yes, you will need to purchase a homeowner’s policy to cover the contents and provide protection for your individual unit. The condominium association carries a liability insurance policy to handle any claims relating to common areas of the building/complex, and coverage for the building/complex.
Tip – Verify what coverage the association carries.
What Are Bylaws?
Basically the rules and regulations, the bylaws provide information pertaining to establishment and administration of the condominium board including particulars on the election of board members, the powers and duties of the board, the number of members that make up the board, when meetings and election for board replacements are to be held, and any restrictions or requirements regarding the use and maintenance of units and use of common elements.
What Are Common Elements?
Property that is owned in common and to be used for the enjoyment by the Association members, such driveways, community terraces, hallways, lobbies, and garages are common elements. A limited common element is property with usage restrictions. A parking space assigned to a unit is a limited common element.
Are Condo Owners Liable For Common Property Repairs?
Condominium corporations have a legal responsibility to maintain and repair common property. Boards are not allowed to simply ignore their legal requirements because of costs.
HOW DO YOU DETERMINE RENT AMOUNT?
We complete a comparable market analysis of all the other available listings near your property. We use the rents that recently went off the market and properties that are currently on the market to determine the highest possible rent. We also look at the unique aspects of your rental property, like a pool or a new kitchen.
ARE YOU CURRENTLY AN ACTIVE REAL ESTATE INVESTOR IN YOUR MARKET?
Sunreal’s leadership have been actively investing in the real estate market since the first days of Sunreal, so we’re familiar with how it works.
WHAT ARE YOUR MANAGEMENT FEES?
We offer a flat fee option of gross rent or you can choose from 3 levels of pricing, which includes a lease-only plan, standard plan, and a premium plan. *Quotes are competitive but may depend on your property type, size, and other factors.
WHEN DO I GET MY STATEMENTS?
Income statements and any other reports will be in your email inbox on the 15th of every month, unless you indicate otherwise.
REPAIRS AND UPGRADES?
We won’t bother you unless the repair costs more than $600 or if it’s an emergency. Repairs are handled by our large team of in-house maintenance and hand-picked WCB certified contractors.
WHAT IS THE COMMITMENT OF THE MANAGEMENT CONTRACT?
The contract runs on a one year basis. There is a buy-out clause if you need out of the contract early.
ARE THERE FEES WHEN THE PROPERTY HAS NO TENANTS?
This is a very important question to ask for two reasons. One, many companies will offer a “flat rate,” which sounds great until your property is empty…and they still continue to charge you. If a company is taking money with the property empty, how motivated do you think they are to fill the vacancy?
WHAT MISCELLANEOUS FEES COULD I BE CHARGED FOR THE MANAGEMENT OF MY PROPERTY?
Again, some companies will try to get you to sign because they offer a low rate. Once you’ve signed, a company that seemed inexpensive will now charge you lots of extra fees. Maintenance Technicians charge out at $59.00 per hour plus GST plus materials. Maintenance Services are rendered at the discretion of the Owner and are in addition to Management Fee, these services include carpentry, drywall, painting and all interior and exterior work.
DO I HAVE TO SELL MY PROPERTY WITH YOU IF I WANT TO LIST IT?
Some property managers will ask you to sign a contract that forces you to sell the property with them. Don’t fall for this. A quality brokerage would never require this- but rather they would be available if you wanted to use their brokerage services.
WHO IS THE TENANT AND WHO IS THE TENANT RESPONSIBLE FOR?
The tenant is the name of the person listed as “the tenant” on the lease and who signs it. The lease may list other occupants and these would be the only ones authorized to live in the premises. No other occupants are allowed unless approved by management. Some condos have restrictions as to how many people are allowed in a unit. The tenant is also responsible for the actions and behaviors of the other occupants, as well as all others visiting the unit.
DO TENANTS HAVE TO CARRY TENANT INSURANCE?
It is mandatory with our management company, generally due to the requirements of most condominium boards, that all tenants carry tenant insurance on their belongings in case of damage or loss and liability for no less than $1,000,000 during their tenancy. The landlord will not be responsible for any type of loss due to fire, theft and/or any other perils. A cover note of insurance is required at the signing of the lease or possession will not be granted.
CAN TENANTS SMOKE CIGARETTES OR CANNABIS IN THEIR UNIT?
All of our residential units are non-smoking which includes any smokable substance. As a tenant under our lease you are agreeing to our terms that you will not smoke any type of substance in our units.
WHAT TYPES OF LEASES ARE OFFERED?
We allow two Initial Term Types: 6 month or 1 year term leases with the option to renew for another 6 month or 1 year term. We will allow a month to month periodic lease after the initial term.
HOW MUCH NOTICE IS REQUIRED TO VACATE?
On a fixed term lease, notice is not required as you are expected to vacate at the end of the term, unless a renewal has been granted and we then would like you to give 1 month’s notice so we know you have no intentions of allowing the renewal to take effect.
Once a tenant is on a monthly periodic lease a 30 day written notice must be received on or before the 1st of the month to be effective for the last day of the month by 12:00pm (noon).
WHAT UTILITIES IS THE TENANT RESPONSIBLE FOR?
Utilities vary from property to property which include electricity, heat, water & sewer. All utilities must be hooked up in the tenants name commencing on the start date of their lease and up to and including the last day of their lease term. Account numbers are to be provided at the lease signing appointment or possession will not be granted.
HOW MANY PARKING STALLS DOES A TENANT RECEIVE?
Most complexes only provide 1 assigned parking stall per unit but may have additional parking available at an additional cost. However, some units may come with two stalls and no additional charges would apply. All tenants park their vehicles at their own risk and therefore we encourage tenants to remove all valuables from their vehicles as a safety precaution. All vehicles parked in an assigned parking stall must be in running condition with valid insurance and registration.
CAN A TENANT CHANGE THEIR LOCKS?
No, as the agent for the landlord must have access at all times in case of an emergency. If the tenant changes the lock and emergency services can’t get in and there is no time to call and wait for a locksmith, the door will be kicked open and all costs associated with fixing the door and lock would be the full responsibility of the tenant. The locks will already have been changed after the last tenant moved out for everyone’s safety so it would be unnecessary for the tenant to changes locks.
DOES A TENANT HAVE TO PET A PET DEPOSIT?
Buildings that allow pets and owners that approve pets in their units, a$250.00 non-refundable pet deposit will apply. This charge is due to the extra wear and tear on the property. Damages upon move out will still be the responsibility of the tenant.
DOES A TENANT HAVE TO PAY PET RENT?
Yes, an additional $25.00 per month per pet will be added to your monthly rental amount. They are considered to be little people 🙂
HOW DOES A TENANT PAY THEIR RENT?
Tenants can pay their rent by way of cheque, certified cheque, post-dated cheque, cash, bank draft, money order or through a PAD Agreement. We do not accept credit card, debit or EFT’s.
HOW MUCH IS THE SECURITY DEPOSIT?
The security deposit is equal to the sum of one month’s rent less any utilities that may be included in the rent.
WHAT IS REQUIRED BY THE TENANT WHEN THEY MOVE-OUT?
The unit has to be cleaned pursuant to our cleaning list that will be provided upon notice given and all carpets must be professionally cleaned and receipt provided. Rug Doctors are not considered as professional cleaning.
WHAT CRITERIA IS USED TO QUALIFY FOR A LEASE?
We look at several factors in qualifying a lease. We receive credit history, eviction history, rental history and income verification. We request support documents to verify information received.
I HAVE BAD CREDIT OR NO CREDIT. CAN I STILL RENT?
Unfortunately, no credit is pretty much the same as bad credit when renting. There are other qualifications that can make up the difference. We have possible solutions such as collect an additional deposit, include a co-signer, etc.
I’M GOING TO HAVE A ROOMMATE OR MY BOYFRIEND WILL BE STAYING THERE TOO. DO THEY NEED TO BE ON THE LEASE?
Any person living in the property over the age of 18 will need to be on the lease. This is not only to protect our homeowners, but to protect you as well.
WHAT ABOUT AN EMERGENCY?
We know things can happen at all hours of the day, including in the middle of the night. If you encounter an urgent repair emergency that needs immediate attention, we have a 24 hour hotline. Please call (702) 675-8311 if you need after hours help!
HOW LONG IS IT GOING TO TAKE TO FIX?
It will depend on a couple of factors, such as the nature of the repair and if there is a home warranty in place for the property. Most larger repairs will require multiple estimates from outside contractors and owner approval. On minor repairs, most items can be taken care of in just a few days. We pride ourselves on responding quickly to your repair needs and protecting the integrity of the property so you can have continual enjoyment of the home.
WILL YOU ALLOW MY PETS?
The decision to allow pets is 100% up to the homeowner and homeowner associations. We encourage our homeowners to allow pets. If you have a pet, let us know and we will work our best to get your pet approved.
HOW MUCH WILL THE SECURITY DEPOSIT BE?
Security deposits can vary by property, but typically deposits are one month’s rent. Under Nevada Law, security deposits are fully refundable at the termination of the lease as long as the tenant causes no damage to the unit, is not negligent in reporting needed maintenance resulting in damage, and has fulfilled the lease obligations. Within 30 days of the end of the lease, you will receive an accounting for deductions (if any) of your security deposit.
WHAT ABOUT NORMAL WEAR?
Under Nevada law, tenants are responsible for “damage” to the property, where the owner is responsible for costs associated with “normal wear.”