It has always been a requirement to notify a tenant if there is a change of ownership, but now there are increased risks.
When an owner or tenant changes, under Section 15, the other party must be informed within 10 working days in the following two scenarios:
- If there is a change of ownership of the rental property, the landlord must notify the tenant.
- If there is a change in tenant, the tenant must notify the landlord.
Both parties can be pinged with penalties if they fail to do so.
A landlord can be liable for up to $750 in exemplary damages or an infringement fee ranging from $500-$2000.
While a tenant can be liable for up to $750 exemplary damages.
So, what does this mean for assignments going forward? And how can you protect your landlords? Watch the full Snippet training in Total Tenancy.