Cash for Keys - Ontario

[Dan Forbes]

Recently purchased a duplex and would like to get the tenants out to move the rents to market value. Anyone had success with this in Ontario and have any tips for starting the conversation with tenants? Rents are about 50% of current market value. 

Also looking for good form to use in the event they do agree to move out. 

Thanks

[Chris Baxter]

Hi @Dan Forbes   Here is a past discussion on this topic:  https://www.biggerpockets.com/...

Here is a site that describes the process and forms (negotiated end to tenancy via N11):  https://ranger.legal/EN/landlo...

[Dan Forbes]

@Chris Baxter hey Chris thanks for pointing out the other thread. I know how to use the N11 but when giving a tenant cash for keys i would imagine you would need a separate agreement stating the terms as the N11 doesn't cover this? 

[Chris Baxter]

I would imagine so... I don't invest in Ontario anymore, though. The paralegal that I linked to might be a good start to get something drafted. 

[AR Qazi]

@Dan Forbes were you able to find/create this agreement? Would you please mind sharing the verbiage?