- How Much Money Is Needed To Invest In Rental Property?
- Should A Real Estate Investor Get An Agent’s License?
- 5 Big Factors That Affect The Costs Of Renovating Your Home
- SIBOR Hike – What You Can Do With Your Current Loan
- 6 Basic Don’ts Of Real Estate Negotiation Tactics
- Will New Condo Relaunches Trigger The Great Property Sale We Have All Been Waiting For?
- 10 Proximity Amenities That Add Value To Real Estate
- How To Get Personal Loans More Easily With Good Credit
A demolition clause gives a landlord the legal right to terminate a tenancy should it be decided that the building would be demolished.
While this seems like a disadvantage to tenants, landlords would usually give proper notice before such events take place.
Moreover, demolition works require months of planning. There is every likelihood that by the time works would commence, that the leases of tenants would have expired already.
However, those with options to renew will not be able to exercise the condition since there would be no property left to rent.
Demolition clauses are common with older buildings as owner of such real estate knows that reconstructing a new and modern building could increase the value of the improvement sitting on the land.
Thus, it is usually down to a lack of financing options that is preventing them to go ahead.