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Anyone renting their property out?
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<blockquote data-quote="TimbaLand" data-source="post: 780571" data-attributes="member: 13474"><p>With CPA it's 20 days notice. You can make your contract to be for a fixed term (1 year) with a reasonable cancellation fee should tenant exercise a 20 day cancellation notice. According to CPA the penalty fee must be reasonable. In my contracts I made it to be equivalent to 6 weeks rental which gives me 2 months lead time to look for a new tenant and it takes me at least 2-3 weeks to get a replacement tenant because of demand in the area. Depending on the area and demand you can build that into the rational for cancellation fee amount</p></blockquote><p></p>
[QUOTE="TimbaLand, post: 780571, member: 13474"] With CPA it's 20 days notice. You can make your contract to be for a fixed term (1 year) with a reasonable cancellation fee should tenant exercise a 20 day cancellation notice. According to CPA the penalty fee must be reasonable. In my contracts I made it to be equivalent to 6 weeks rental which gives me 2 months lead time to look for a new tenant and it takes me at least 2-3 weeks to get a replacement tenant because of demand in the area. Depending on the area and demand you can build that into the rational for cancellation fee amount [/QUOTE]
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