Tenants: Cash for Keys

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?

  1. $30,000.00           12 month’s rent
  2. $2,500.00             last month’s rent
  3. $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


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