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Owning a suite means answering to a board as well as a tenant. Declarations, move-in bookings and rule enforcement sit on top of the ordinary work, and getting one wrong is what produces a letter.
The extra layer
A suite comes with a declaration and rules that bind you whatever the lease says. Pet restrictions, short-term letting bans, parking allocation and minimum lease terms are the four that catch owners out.
Move-ins usually need an elevator booking and a deposit with the corporation, arranged in advance. Turning up on the day without one is how a tenancy starts with a fine and an argument.
The detail sits on condo units, with the leasing steps on placement and the screening standard on screening.
Leasing a suite
Declaration and rules first, because they limit who and what you may lease to.
Priced against suites that actually leased in comparable buildings, not asking prices.
One written standard, then the lease plus whatever the corporation requires alongside it.
Elevator, deposit and access arranged with the corporation before the date, never on it.
Where fines come from
When a tenant breaches a rule, the corporation bills the owner rather than the occupant. Balcony storage, noise, parking and waste sorting are where most of those letters come from.
The defence is to hand the rules over at move-in, in writing, and to act on the first letter rather than the third. A tenant who never saw the rules has a fair point.
How that is handled is on inspections and tenant resources. Fees are on management fees.
What we do here
What suite and condo owners ask for.
Condo questions
The questions suite owners ask most.
Two condo units in Toronto, each with its own statement and its own tenant. Both have renewed.
They deal with the Toronto condo board directly. The move-in was booked and the elevator fee paid without me.
Rent estimate for the Toronto condo came with comparables from the same building. It leased at the top of the range.
Maintenance fee increase in Toronto was reflected in the renewal rent with the numbers shown to the tenant.
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We read the declaration first, then price the suite against what actually leased in comparable buildings.
Rules read first · Bookings arranged · Written analysis