If you are looking for a specific section in the Residential Tenancies Act referring to “cash for keys”, you won’t find it. It’s not there. This is simply a “work around” because the Landlord doesn’t have any rights.
Just about every Tenant knows this. So, they all require this “ financial assistance”. What does it amount to?
Frequently, it’s one to two years of tenancy payments plus moving expenses.
Tenancy: originally one year, now month to month.
Rate: $2,500.00/month
So, how much does the Landlord pay to get rid of the Tenant?
- $30,000.00 12 month’s rent
- $2,500.00 last month’s rent
- $3,000.00 moving expenses
Total: $35,500.00
Actually, that wasn’t so bad. Some Tenants negotiate for up to 2 years, which would bring the total to $65,500.00 which is an awful lot of money to be paid to someone who does own the place.
Brian Madigan LL.B., Broker