What happens with a deadbeat landlord?

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Segue
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What happens with a deadbeat landlord?

Post by Segue » Sat, 21 Feb 2009 2:57 pm

I've been living one year in my condo that was sold at the peak of the property bubble. Its a new condo that was flipped twice before I moved into it as a tenant and the first resident. I have never met either owner as they are strictly investment ownership.

Its a luxury condo in district 9 that has seen average sales prices plunge 20% or more in the last quarter. Based on what it sold for, I have calculated that my rent payments cover only 75% of the interest, maintenance fees and taxes...what a great "investment" they made!

Over the last few months, there have been a flury of letters from IRAS. I accidentally opened one and found that the landlord had not been paying his taxes from day one and collection of taxes was being handed over to the bank that holds the mortgage on the property. The condo management company also visited and said that have not been paying maintenance fees for a long time and nobody can track down the landlord.

First thing I did was to remove the GIRO payment and go back to mailing cheques to the landlords address.

My lease contact has a clause that says that the lease survives the transfer of ownership. The contract is still in the name of the original owner, but I have a notice from the new owners attourney that documents the transfer of ownership.

I'm assuming if my place goes into receivership (either IRAS or the bank owns it) the terms lease will survive. Is there anything I should know or be concerned about? What about all the rent that I paid to the landlord in the past?

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k1w1
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Post by k1w1 » Sat, 21 Feb 2009 4:40 pm

I think you should be more concerned about the fact that opening or tampering with mail is a serious crime.

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Post by Segue » Sat, 21 Feb 2009 4:49 pm

well during tax time when you see a letter from IRAS the first thing you do is open it!!

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sundaymorningstaple
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Post by sundaymorningstaple » Sun, 22 Feb 2009 2:54 am

No, the first thing you do is see who it's addressed to unless you OWN the property. :roll:
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers

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resm
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Post by resm » Sun, 22 Feb 2009 3:37 pm

sundaymorningstaple wrote:No, the first thing you do is see who it's addressed to unless you OWN the property. :roll:
the owner is probably using the property he is renting out as mailing address so he can claim it as "Owner Occupied" and pay less taxes.

If I was the tenant I would open any letter that is addressed to my residence.
The owner has no right to use my residence as his mailbox, this is illegal.
PROUT....the only way out !

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resm
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Post by resm » Sun, 22 Feb 2009 3:49 pm

k1w1 wrote:I think you should be more concerned about the fact that opening or tampering with mail is a serious crime.
No its not.
Its in MY mailbox.

Its a crime to declare a property you own and rent out as owner occupied.

Now guess who is in bigger trouble.
PROUT....the only way out !

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Post by Segue » Sun, 22 Feb 2009 4:00 pm

Never thought of that....despite my repeated pleas to change the mailing address he never did....its a hassle every month to write the forwarding address and drop in the mail...

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resm
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Post by resm » Sun, 22 Feb 2009 4:33 pm

Segue wrote:Never thought of that....despite my repeated pleas to change the mailing address he never did....its a hassle every month to write the forwarding address and drop in the mail...
just write on the envelope you receive and do belong to him:

"New occupant, addressee no longer staying on this address"

In the upper corner you write "RETURN" and trow it in the nearest public mailbox.

after a while they should get the drift.
PROUT....the only way out !

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resm
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Re: What happens with a deadbeat landlord?

Post by resm » Sun, 22 Feb 2009 4:46 pm

Segue wrote:I've been living one year in my condo that was sold at the peak of the property bubble. Its a new condo that was flipped twice before I moved into it as a tenant and the first resident. I have never met either owner as they are strictly investment ownership.

Its a luxury condo in district 9 that has seen average sales prices plunge 20% or more in the last quarter. Based on what it sold for, I have calculated that my rent payments cover only 75% of the interest, maintenance fees and taxes...what a great "investment" they made!

Over the last few months, there have been a flury of letters from IRAS. I accidentally opened one and found that the landlord had not been paying his taxes from day one and collection of taxes was being handed over to the bank that holds the mortgage on the property. The condo management company also visited and said that have not been paying maintenance fees for a long time and nobody can track down the landlord.

First thing I did was to remove the GIRO payment and go back to mailing cheques to the landlords address.

My lease contact has a clause that says that the lease survives the transfer of ownership. The contract is still in the name of the original owner, but I have a notice from the new owners attourney that documents the transfer of ownership.

I'm assuming if my place goes into receivership (either IRAS or the bank owns it) the terms lease will survive. Is there anything I should know or be concerned about? What about all the rent that I paid to the landlord in the past?
I am sure (or I assume) in your contract it also says that the owner is liable to pay all taxes and duties.

Since he did not do that, you can hold him in breach of contract if you like to do so.

You have receipts of your rental payments (Giro receipts from your bank account) so you should not have any problems.
PROUT....the only way out !

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Post by Segue » Sun, 22 Feb 2009 9:48 pm

resm wrote:
Segue wrote:Never thought of that....despite my repeated pleas to change the mailing address he never did....its a hassle every month to write the forwarding address and drop in the mail...
just write on the envelope you receive and do belong to him:

"New occupant, addressee no longer staying on this address"

In the upper corner you write "RETURN" and trow it in the nearest public mailbox.

after a while they should get the drift.
about a year of doing that, he has yet to get the drift!!!!

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Post by ScoobyDoes » Mon, 09 Mar 2009 4:17 pm

Segue wrote:
resm wrote:
Segue wrote:Never thought of that....despite my repeated pleas to change the mailing address he never did....its a hassle every month to write the forwarding address and drop in the mail...
just write on the envelope you receive and do belong to him:

"New occupant, addressee no longer staying on this address"

In the upper corner you write "RETURN" and trow it in the nearest public mailbox.

after a while they should get the drift.
about a year of doing that, he has yet to get the drift!!!!

It is not "he" that has to get the drift, rather those organisation trying to find him. After 2-yrs i still get mail to the previous tenants...... i just write "Not at this address" and put it in the returned mail slot. If people are looking for money its up to them to go find it, just without involving me......afterall i have no idea where they went and don't have the resources to look for them, or even give a toss.

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Post by fenggy » Sat, 14 Mar 2009 2:35 pm

What about your agent? Did both parties have an agent when signing the lease contract?

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