It`s the first... Where is my new tenant?

cozzafrenzy

New Forum Member
Registered
New "tenant" and I sign a lease agreement a few weeks ago, to begin today... "Tenant" pays me partial Security deposit to hold the place and will pay the balance next payday, sic Last Friday. I attempt to contact him last Friday, and again today ~ supposed move-in day ~ and can't get hold of the guy.

How long do I wait before listing the place for rent again???

Should I bother attempting contact again?

What are my obligations as far as paying him back?
 

fisher1

New Forum Member
Registered
Why would you hold a place a for a Tenant with a partial deposit??? You are supposed to look for red flags!!
 

cozzafrenzy

New Forum Member
Registered
@ Fisher1 ~ good point, deserved the worry

@ Thomas ~ AB

It worked out OK in the end. Thanks
 

DREI

New Forum Member
Registered
In the future I would suggest not holding the place unless you have been paid at least the equivalent of 1 months rent (getting first and last is ideal). Make sure that you tell them the deposit is non refundable and that if they don't have the first months rent before an agreed upon date that they will loose the unit and their deposit.



Tenants will always have stories as to why they don't have the money and will try to convince you to make an exception just for them. It is so vitally important to have systems and procedures in place for renting your units (and for all parts of your business) and it is your responsibility as an investor to follow the guidelines while staying completely unemotional through the process.



Glad everything ended up working out for you this time.
 

dplummer

Inspired Forum Member
Registered
In Ontario the last month rent is for the last month. If the tenant does not move in a recent LTB ruling is the last month is to be returned. No other non refundaable deposits are allowed here in Ontario.



Doug
 

WadeFenner

Inspired Forum Member
The money they give to hold the property should get written up as the first months rent which is non-refundable whereas the damage deposit is.... and they can't take possession (ie get the key) until they pay the security deposit by the first.

How long do you wait? Bit of a tricky question. I always keep advertising and talking to people until I know it's a done deal. If they don't come up with the balance of the money you might want to wait a few weeks to make sure the applicant doesn't come back. (You'll probably have a good gut feel based on the conversations you have with them). Either way the rent is paid for the month.
 

ShannonMurree

Inspired Forum Member
REIN Member
It can be structured as first month's rent and strongly suggest the lease agreement be drawn up once accepted. This way, the tenant would be in breach of lease agreement/contract and liable. This would be in accordance to the Residential Tenancies Act and totally within the Landlord's right. The most recent ruling could have involved certain situations one is not aware of and each case is individual and unique.

Rent deposit may be required



(2) The amount of a rent deposit shall not be more than the lesser of the amount of rent for one rent period and the amount of rent for one month. 2006, c. 17, s. 106 (2).
 
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