jimf

Landlord seems to prefer 11 post dated cheques for monthly rent payments on a 1 year lease (paid first month with the deposit). I just wondered how common this method of paying a monthly rent is and any alternatives you have used instead.

bsmith

...That's pretty much the norm (here in Edmonton) on a one year lease with private landlords and with management companies.

paolosmythe

it is what our landlady has asked of us. it seems archaic, but not wanting to be the euro-weenie, i didn't protest. it is strange though, as banks here do not seem incapable of the automatic monthly 'account to account' transfer.

however, nothing in our tenancy agreement requires this of us and so i have yet to provide a fist full of cheques. and i don't think i shall. my point of contention will be that our current bank was selected on the basis of our being able to open an account with them whilst still residing in the UK.

we may wish to shop around for a better alternative, now that we are free to do so. however, a year's worth of cheques would effectively tie us (to a certain degree) to our current institution.

just a thought.

mandymoochops

Which is what the landlords are after should you sign a years contract.

Also be aware that to cancel cheques costs too

bsmith

.......I think he's talking about his bank in the bit you highlighted.

wizzard

In Toronto a lot of landlords also ask for the years rent in backdated cheques, I guess so that they fell more secure in knowing you will pay and not just leave and so you don't forget to mail a cheque or whatever. However while you can do it if you like it is not legal for them to require it under Toronto tenant rules, they can only ask for first and last months rent. They are also not allowed to ask for security deposits or anything similar. When your lease expires and you move out they are also obliged to pay you 6% interest on the last months rent that they have been witholding.

mandymoochops

Ahhhhhh

If it is a reference to being tied to the bank then its as simple as closing out the account if you no longer wish to use them, and getting new cheques from a new account for the remainder (obviously letting your landlord know!)

There are other alternatives such as email money transfers, but as was said above its the way things are done here.

Aviator

It also save the landlord having to keep trying to track down the tenants and collect the rent. He can just deposit everyones cheque at the appropriate time. He is of course relying n the cheque not getting sent back NSF.

Renting is a way of life here for many and some renters don't seem to consider being a tenant neither a responsibility nor commitment, some even don't like paying the rent, just seeing how long they can get away with it.

jimf

What kind of receipt should you get for a years worth of post dated cheques - presumably the actual list of cheque numbers with amount and date. Is it also resonable to put a statement to the effect that the only further obligation of the tenant is to have sufficient funds in the account at the dates shown on the cheques. ie if the landlord looses the cheques that is their problem. Or if they require another cheque to be written that will be at the cost of say $100?

el_richo

Cheque books are sooooooo 1990's

Aviator

The cheque itself is a receipt once it is cashed. You could do up a schedule and ask them the sign it. Not sure you will get them to agree to your T & Cs. I know if you came to me with that I would tell you to go find somewhere else to live.

We don't pay any additional fees to to put a stop order on cheques. You do have a good point though, if the landlord loses the cheques and you suffer financial loss then you may have some redress, you'd need to talk to a lawyer about that one. If all you lose is a cancellation fee it's probably not worth the hassle. Another option may be to ask the landlord if he would accept you dropping off a cheque the day before the rent is due and if you fail to keep to that you'll give him post dated cheques. Not sure what the problem is here though?

jimf

It makes sense that it saves the landlord time and effort in collecting the cheques or the tenant the trouble of posting the cheque. However, the system of post dated cheques does seem very old fashioned. I can remember nearly 20 years ago renting the first house in the UK and it was just a question of filling in a form and direct monthly payment to the landlords agents bank account. I'm renting the house out in the UK and again its just a direct monthly payment from their account to the agents account.

A place I rented in Edmonton for a while used the system of Email Interac payments which worked okay. However, the landlord says there is a limit of $1000 per payment on this and the monthly rent is over twice this. (The place I rented in Edmonton was small and I paid fortnightly so mybe the limit wasn't applicable then.) I'm going to bank today on another matter and will find out more about the options then.

Are renters here seen as being less reliable payers than in the UK?

Aviator

I doubt many landlords would have a clue what tenants are like in the UK. Canada seems to have much more or a renters culture than the UK. Renters seem to be of quite a diverse range of reliability. Having been a landlord, I can say I am more than happy to have left that era behind.

Things in Canada may seem backward to people from other countries, but it is what it is. One thing I do wonder though, is if things are so backward, why do people come here for a 'better life' then complain about the way we do things?

jimf

The lease agreement doesn't state post dated cheques are required but does include a late payment penalty $50 plus $5 per day I think. Putting some kind of penalty on the landlord not taking care of a cheque doesn't seem unreasonable in that context.

Aviator

In your opinion, not sure he'll see it like that though. I guess you don't have to live there. Depends on how bad he wants to rent to you and you want to rent it. Just don't be surprised if they suggest you look elsewhere. Then you never know unless you ask.