A prospective tenant paid a $2,200 rent deposit for a unit available on June 1, but the previous tenant refuses to leave and vacant possession is never given. The prospective tenant does not want a different unit. What must the landlord do with the deposit?
Correct Answer
C) Repay the full $2,200 deposit
Section 107(1) requires a landlord to repay a rent deposit if vacant possession of the unit is not given to the prospective tenant. The only exception, in s. 107(2), is where the prospective tenant agrees to rent a different unit from the landlord, which did not happen, so the full $2,200 must be repaid.
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A resale home in Ontario closes on March 15 in a 365-day year. The seller has already paid the full annual property tax of $3,650. Under the standard Agreement of Purchase and Sale, where the day of completion is apportioned to the buyer, how much does the buyer credit the seller?
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A real estate agent discovers that their buyer client's mortgage pre-approval has expired, but the client insists on submitting an offer with a financing condition anyway. What should the agent do?