(Courtesy: Andy Dean Photography/ Pine Financial Group)
‘Cash for keys’ is becoming an increasingly popular resort for tenants in the city.
According to Rhenti website, “cash for keys agreement is when landlords pays the tenants to agree to end their tenancy by signing an N11 form, vacating the unit, and handing their keys over to the landlord.”
“To ensure the process goes smoothly and isn’t contested later on, the landlord should also have the tenant sign a consent form surrounding the cash for keys agreement,” the website added.
According to a recent CBC News story, a legal expert said in 2020 they were dealing with 400 ‘cash for keys’ cases, and in 2023 had nearly 1000 cases.
There have been mixed reactions online about cash for keys.
There are many online conversations of tenants encouraging each other to ask for bigger sums of money in ‘cash for keys’ deals. Some even requesting their landlord to purchase them property.
In addition, ‘cash for keys’ agreements in Ontario are legal and any disputes between the landlord and tenants are held by the Landlord and Tenant Board (LTB).
According to the LTB website, their role is to:
- Resolve disputes between landlords and tenants through mediation or adjudication
- Resolve eviction applications from co-ops
- Provide information to landlords and tenants about their rights and responsibilities under the Residential Tenancies Act (RTA)
Due to the long wait times for a hearing, some cases take a longer period of time to process leaving the landlord helpless.
