Hello everyone, I just wanted to give an update on my situation. I went to the Settlement Conference (pre-small claims hearing) and I ended up coming to an agreement with the tenants. In meeting with the judge, it was apparent that the agreements were going to be regarded as two separate...

Well, I suppose a rookie has to start somewhere. The previous points about the two contracts being separate, including the payments contained in it, is how I have always understood it to be. Actually separating the payments of rent versus the option premium is an interesting idea. I think...

Hi Sweetzone - No, I haven't heard of using a CILA before, but here are the basic terms of the agreement: TERMS Purchase Price of $123,456.78; Property is purchased as is. All appliances and chattels on the Property are included (if any); Option to Purchase is only valid upon...

Very interesting reads Mr. Trent. I would be quite curious to see the agreements that were used in these situations. Apparently the LL in the last one had problems with his documentation and should have known better. you are right though, clearly court is more beneficial to the investor than...

All very good points. There are several media stories that exist, which depict investors taking advantage of tenants. I would hope that a court could decipher between an outrageous agreement clearly meant to benefit the investor, and one which is fair on both sides. I am hopeful that...

Yes, if it is seen as a "security deposit", then I would imagine it would follow those guidelines. However, it is not part of the lease agreement. It is in the "Option to Purchase" agreement, which states: [list type=decimal] Initial Option Deposit will be applied/credited to the...

In this situation, the tenant was behind on their payments, claiming that they had a 'settlement' coming, which would cover off any monthly payments owed. Fast forward a few months and now they are moving out, claiming that the 'initial down payment' was rent and now they owe nothing. The...

Hello all, I am about to embark on my first experience to Small Claims Court in Ontario. To sum up my situation, I have a Lease-Option agreement with a tenant who had decided to stop making payments and sit in the house long enough to have utilized their initial down payment. They have now...