Rental of Units: 14/06/23
The provided information relates to the rental of units within a condominium corporation. Here are the key points:
- Notice to Corporation: Before renting a unit, the owner must provide written notice to the corporation, including the owner’s contact address for official notices and the amount of rent to be charged for the unit.
- Conditions of Tenancy: When a unit is rented, it is a condition of the tenancy that the tenant must not cause damage to the corporation’s real or personal property or contravene the bylaws, regardless of the terms of the tenancy agreement.
- Deposit Requirement: The corporation has the authority to require owners who rent their units to pay and maintain a deposit. The deposit can be used by the corporation for repairs or replacements of its property, common property, or any area of the common property that is granted to the owner for exclusive possession.
- Deposit Limit and Repayment: The deposit amount must not exceed the prescribed limit. The corporation is responsible for holding the deposit and repaying it, along with any earned interest, as prescribed by regulations.
- Tenant Information: The owner is required to provide written notice to the corporation within 20 days of the tenant’s name at the start of the tenancy.
- Notice of Unit No Longer Rented: Within 20 days after ceasing to rent the unit, the owner must provide written notice to the corporation stating that the unit is no longer rented.
- Return of Deposit: Upon receiving written notice from the owner that the unit is no longer rented, the corporation must take the following actions within 20 days:
- Return the deposit and any earned interest to the owner.
- If the deposit was used for authorized purposes, provide the owner with a statement of account detailing the amounts used and any interest earned, along with the remaining balance of the deposit.
- If the corporation is unable to determine the exact amount to be used from the deposit, it must provide the owner with an estimated statement of account. Within 60 days of providing the estimated statement, the corporation must provide a final statement of account, including the actual amounts used, any interest earned, and the remaining balance.
- Recovery of Deposit: If an owner owes a deposit to the corporation, the corporation can recover that amount as a contribution in accordance with section 39.2, in addition to any other rights of recovery it has in law.
Please note that specific rental requirements and procedures may vary depending on local legislation and the governing documents of the condominium corporation. It is important to refer to the applicable laws and consult with legal professionals for accurate and up-to-date information.