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FAQs for Landlords: Here’s What Happens Next!
Congratulations, you have an accepted offer! Now...what happens next?!
Below, we have outlined some FAQs to help guide you through the next steps. Of course, every scenario is different and we are always here to help. The below answers are typical scenarios, but our Operations Team and your North Group Agent will be here to support you and advise you of any exceptions.
Once your lease agreement goes firm, and your future tenants have been fully vetted by us (that’s part of our promise to you), the final documents will be forwarded to our Operations Team to be processed. Before you welcome your new tenant, there are a few things that should be addressed.
Collect Rent Cheques
How will I be paid by the tenant?
If you haven’t already, coordinate a time to meet your tenant to pick up all the monthly rent cheques for the entire term of the lease. Ensure the cheques are post-dated to the appropriate times that have been agreed upon by both parties.
You can also arrange electronic e-transfers or automatic debits with your tenant, through your banks.
Exchange of Keys & Lockbox Removal
How will the tenant(s) get their keys?
You will have to provide your tenant with the agreed-upon number of keys, as per your agreement on the lease commencement date. We will help facilitate a time for you to meet with your tenant to exchange keys or coordinate the delivery of these keys to your tenant. If you’d like, keys can be left in the lockbox or provided to us, in which we will provide access to the tenant’s agent and/or the tenant on the lease commencement date to take the keys.
When will my lockbox be removed?
The lockbox will usually stay in place, with keys inside, until your lease commencement date. Once keys have been exchanged, our Operations team will coordinate a lockbox removal at this time.
Preparation
What measures do I have to take before my tenant(s) move in?
Repair any damages and check utilities
A landlord is obligated to maintain a rental property. Before your tenant moves in, you will want to repair any existing damage, check appliances and verify that all smoke detectors are in working order.
Clean the property
Before your new tenant moves in, ensure that your unit has been thoroughly cleaned. If you require a cleaner, we have a list of preferred partners to recommend and can coordinate this cleaning on your behalf.
Change Locks
If you’ve had a previous tenant occupy your unit, we highly recommend you change the locks for the safety of your new client and to protect you from any liability.
Balance to Vendor
What is a balance to the vendor?
The deposit from the Tenant (typically first and last month) is held by our Brokerage in trust until closing day. Should this deposit be greater than commission and commission taxes owing, the overage will be issued as a “Balance to Vendor” to you, the vendor (Landlord), directly from us. This will be a certified cheque issued on closing day and is made available within 5 business days.
When this cheque is ready, our Operations Team will contact you to arrange for pick up or mailing of this cheque.
Have More Questions?
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