For landlords · Condo owners
For condo owners who rent out a unit.
A condo is a small space with two sets of rules: the tenancy's and the building's. Rentingwell keeps both in order, so you know what the unit really earns after the condo fee, and you have the paper trail when the property manager or the Board asks.
What the unit really earns
The rent is the easy number. The condo fee, the mortgage, property tax and the occasional special assessment are what decide whether the unit pays for itself. Set them up once as recurring costs and the ledger adds itself up every month.
- Condo fees, mortgage and tax logged as recurring costs
- Special assessments and repairs recorded against the unit
- An income statement for the year, formatted for your accountant
The building's rules, on record
Your tenant has to follow the condo's declaration, by-laws and rules, and Ontario's Condominium Act expects you to give them a copy and to tell the condo corporation about the lease. Keep those documents with the unit, and note in the logbook the day you handed them over.
- Declaration, by-laws, rules and the lease stored with the unit
- A dated logbook entry for each notice to the corporation and each copy given to the tenant
- The property manager and superintendent saved with your contacts
One folder per unit
The lease, the condo's documents, move-in photos and the elevator booking for move day, all attached to Unit 1408 and nowhere else.
Leaks, noise and the unit below
In a condo, a problem in your unit is often someone else's problem too. Log every call, complaint and repair with the date, who you spoke to and what was agreed, so the history is there when the corporation or an insurer asks for it.
- Issues and resolutions in the unit's logbook
- An N4 or L1 when rent is late, prepared from your ledger
Further reading
It's tricky being a condo landlord: what's different about renting a unit in a building you don't control.
Rent out your condo with the paperwork in order.
Start freeNothing is given to a tenant or filed with the Board without your approval.