Deposit Required For Rental Property
Description
How to fill out Addendum To Apartment Lease Regarding Security Deposit?
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FAQ
Yes. At the beginning of a tenancy, landlords may collect a deposit in the form of cash or property to cover costs such as damage to the unit, unpaid rent, cleaning that goes beyond normal wear and tear, and any other agreed-upon fees ? such as legal fees, utilities, or late rent fees.
Typically, tenants must give 30 days' notice or more before vacating the premises. This gives the landlord time to find a new tenant. The 30 days notice should be given at the beginning of the month and rent should be paid for that month.
By law, the landlord must pay you interest on your last month's rent deposit every year. The amount of interest is determined on a yearly basis in ance with the Consumer Price Index for Ontario. It is the same amount as the yearly rent increase (the ?Guideline?).
If return conditions are not met If the tenant does not meet the conditions, the landlord has the right to keep part or all of the security deposit to cover costs. If the costs exceed the security deposit, the landlord can take legal action to claim for the money owing.
A security deposit serves as a means to fix or replace something in a rental unit that was damaged, lost, or stolen by the renter. Security deposits are typically refunded upon departure if the property was left in "reasonably" good shape?to the point of normal depreciation)
