A buyer closes on a six-unit apartment building in which every unit is leased to a tenant. Under the Residential Tenancies Act, 2006, what happens to the existing tenancies on closing?
Correct Answer
A) They continue on the same terms, with the buyer as the new landlord
Section 18 of the Residential Tenancies Act, 2006 provides that covenants concerning a rental unit or the residential complex run with the land, so a sale does not end or rewrite the tenancies. The buyer steps into the landlord's position and is bound by the existing terms and rents, and a tenancy can end only in accordance with the Act (s. 37).
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A builder gave proper written notice but closed a new freehold home 30 days after the Firm Closing Date in the Tarion addendum. The delay was not an unavoidable delay, and the buyer never agreed to a new date. The buyer has receipts for $1,200 in extra moving and storage costs. How much delayed closing compensation is owed?
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