What to do if your tenant stops paying rent:
Occasionally you may run into the problem of your tenant not paying rent. When you screen carefully and enforce your lease terms and rent collection policies, you won’t run into this problem very often. Sometimes even good tenants can stop paying their rent all of sudden, bad financial things can happen to anyone at any time. If you find yourself trying to collect overdue rent from your tenant, you need to start planning. In this article we will discuss the various ways of how to deal with a tenant who has stopped paying rent.
Establishing strong rent collection policies:
Most leases require that rent is paid on the first of the month, and there’s usually a grace period. Your lease must indicate when rent is to be paid, and when it’s considered late.
Starting an eviction process:
Once you have given your tenant the proper notice you can then begin the eviction process. Serving or posting a notice to your tenants usually results in them paying their rent in full before the end date of the notice. No tenant wants to incur extra costs and may not want the eviction to go any further. If you’re going to pursue an eviction in Ontario for unpaid rent, you need to serve an N4 Notice, which allows a tenant between 14 and 21 more days to pay the rent. That is a lot of time, so you need to start the process soon. The longer you wait, the more rent you’ll be out. At ACCL Property management we will serve this notice at the start of the month, as soon as rent is late.
Working with a legal expert:
If rent doesn’t get paid before the end date of the notice, we strongly recommend seeking legal help.
Proceeding with Eviction
When you don’t hear anything from the tenant, you’ll need to follow through with the eviction. A tenant who isn’t paying rent isn’t following the terms of the rental agreement, so you have the legal right to vacate that lease and remove the tenant from your property. But you have to do it legally with the right documentation.
If you are in a situation where your tenant isn’t paying rent and you’re not sure what to do or you’d like to talk with a professional. Contact us at ACCl Property Management.
Need a peace of mind?
Get the right advice and professional help from the ACCL Property Management team today.
Durham Region Tel: 1(905) 579-6688
York Region Tel: 1(416) 619-5203
Peel Region Tel: 1(416) 619-9214
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When you choose ACCL Property Management , you have the peace of mind, knowing that you have a trusted name in property management.