Condo Agent Fees & Other Costs

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ComingSoon
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Condo Agent Fees & Other Costs

Post by ComingSoon » Thu, 17 Jan 2013 2:48 pm

I received a message from an agent detailing the costs required to move into a condo, depending on whether the lease was a 1 year lease or 2 year lease. The price goes up for the second year, so I wanted to confirm whether these are standard terms:

For 1 year lease:
a) 1 month deposit
b) 1 month advanced rent
c) Half month agents fee
d) $160-200 stamp fee.

For 2 years lease:
a) 2 month deposit
b) 1 month advance rent
c) 1 month agents fee
d) $200-300 stamp fee.

The fees and protections appreciate significantly for the 2 year lease. I would think that landlords would want to encourage longer leases, not shorter.

Are these terms standard? Or are these above average processing costs?

Appreciate the feedback!

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Saint
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Post by Saint » Thu, 17 Jan 2013 3:11 pm

Don't have to pay any Agent's fees, get the Landlord to pay the Agent's fees.

Beside that, the other fees are pretty standard.

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Post by ComingSoon » Thu, 17 Jan 2013 4:54 pm

Saint wrote:Don't have to pay any Agent's fees, get the Landlord to pay the Agent's fees.

Beside that, the other fees are pretty standard.
Thanks - got the sense that the agent is trying to double up on fees from the ignorant foreigner. Is it standard for there to be 1 month deposit on a 1 year contract, and 2 months deposit on a 2 year contract? If so, why doesn't everyone demand 1 year contracts? Seems a bit silly!

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Post by Saint » Thu, 17 Jan 2013 5:01 pm

ComingSoon wrote:
Saint wrote:Don't have to pay any Agent's fees, get the Landlord to pay the Agent's fees.

Beside that, the other fees are pretty standard.
Thanks - got the sense that the agent is trying to double up on fees from the ignorant foreigner. Is it standard for there to be 1 month deposit on a 1 year contract, and 2 months deposit on a 2 year contract? If so, why doesn't everyone demand 1 year contracts? Seems a bit silly!
It does sound like that from the Agent which is totally illegal!

I've always only had a 1+1 lease (option to renew after 1 year) There's no way I would give a LL, who I don't know, 2 months deposit.

A lot of agents will say you can't get 1 year leases but they are commonly available.

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sundaymorningstaple
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Post by sundaymorningstaple » Thu, 17 Jan 2013 6:01 pm

I know a LL who will give a 6 month lease.
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers

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Post by beppi » Thu, 17 Jan 2013 10:57 pm

You only have to pay the agent's fee if you engaged the agent to find a place for you (and he did).
If this agent was representing the landlord (e.g. by placing the ad you replied to), it is illegal for him to charge you anything and you should report him to CEA.

Deposits (like agent fees, in case you do have to pay it) are freely negotiable, but 1 - 2 months rent are common.

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Post by ComingSoon » Fri, 18 Jan 2013 10:15 am

beppi wrote:You only have to pay the agent's fee if you engaged the agent to find a place for you (and he did).
If this agent was representing the landlord (e.g. by placing the ad you replied to), it is illegal for him to charge you anything and you should report him to CEA.

Deposits (like agent fees, in case you do have to pay it) are freely negotiable, but 1 - 2 months rent are common.
Thanks for the heads up. This agent seems a bit dodgy so I'll avoid them. Certainly no shortage of offers suddenly coming out of the woodwork.

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