Well, if he said right or wrong, before handing over your cheques and taking the contract, you have the right to ask the copy of "Ownership Certificate". The name mentioned in the Ownership Certificate and the name in the tenancy contract on the part of Landlord should be same, then no need to worry at all. This will prove ofcourse, when you go to Electricity & Water Company to pay the Security Deposit. But there also be aware that already there is electricity security deposit it there and the agent is asking from you the security then there is a problem. If you are getting any property very much less than the market value, then also careful. Wish you all the best