Those who are, or are thinking of becoming, rental property owners and landlords, may be interested in the following proposed minor changes to the Residential Tenancy Act:
- In keeping with government’s goal to reduce red tape, landlords will be able to repay security deposits electronically.
- Tenants will be able to terminate a fixed-term lease early without a financial penalty if they are fleeing violence or headed for long-term care. They will be permitted to give one month’s written notice, accompanied by written 3rd-party verification from a professional, who will likely include victim services workers and justice system and healthcare professionals.
For complete BC Residential Tenancy Act Regulations - click here.
If you are looking to sell or buy real estate or wish to discuss further any topic on Real Estate, please call Bob Bracken at 604-220-2035 or 604-263-2823.