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    akendrum's Avatar
    akendrum Posts: 2, Reputation: 1
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    #1

    Feb 19, 2009, 08:21 PM
    Landlord Rights
    My husband and I are hoping to purchase a property that is in foreclosure. The property comes with a tenant that we would have to assume. The tenant was given a lease until Sept. 2010 for which they pay $750 incl utilities. Also in the lease, it states that the tenant gave $4500.00 as a security deposit, so at the end of the lease, we would have to pay this out. Ontario law states that a deposit cannot be more than one month's rent, so in this circumstance, are we required to pay?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Feb 19, 2009, 08:48 PM

    Why did he pay such a high deposit, was it lease purchase agreement.
    akendrum's Avatar
    akendrum Posts: 2, Reputation: 1
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    #3

    Feb 19, 2009, 09:49 PM

    It is not a purchase. We think that the lease was made as a last ditch attempt to keep the house for longer or friend signed it to them.
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