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If you buy a Vancouver condo for an investment, be sure to check whether or not the tenant is current in their rent.

It is possible that the tenant could be months in arrears and the owner hasn't commenced any action to recover the rent.

So when the property sells, not only will the seller lose that rent, but if the transaction closes in the middle of the month he also has to give the buyer credit for 2 weeks of rent that he had not collected. And the buyer ends up with a tenant who is a dead beat.

The buyer's Realtor should write into the contract of purchase and sale that the Seller warrants the rents are current and that any arrears are the responsibility of the Seller, and that the buyer will get credit for the rent on the adjustments whether collected or not.

Buying or Selling a Vancouver investment property?

Call Maggie Chandler 604-328-0077 and put my hyper-local experience to work for you!

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