The Residential Landlord-Tenant Act (RLTA) regulates the creation of residential tenancies and the relationship between landlords and tenants of residential dwelling units.
Certain types of living arrangements are exempt from the RLTA, including:
An exemption is added to the RLTA for living arrangements where the buyer and seller of a dwelling unit enter into a written agreement for the seller to remain in the unit after closing the sale if the following conditions are met:
PRO: A leaseback agreement is a tool that allows a buyer and seller to enter into an agreement for a short period of time, which can be helpful to facilitate transactions. Currently, people are afraid to use the tool because they don't want to enter into a landlord-tenant relationship. Leasebacks help buyers and sellers. For sellers, they have more time and flexibility to move. For buyers, it can improve the offer to purchase and provide opportunity for cost savings. The bill give freedom to buyers and sellers, but also contains protections for distressed homes.