Security Deposit Addendum Withdrawal Letter
Description
How to fill out Addendum To Apartment Lease Regarding Security Deposit?
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FAQ
The letter should state whether the deposit is being returned in full, partially returned, or not returned at all. It should also explain the reason for any deductions. For example, if the landlord deducts money for damages, they should specify what those damages are.
Under the Ontario Landlord-Tenant Law, a landlord is prohibited from charging tenants a security deposit. A landlord can instead ask for a rent deposit. This rent deposit is an amount of money paid upfront. Landlords can collect a rent deposit equal to two months' rent to cover the first and last month's rental fees.
An introductory paragraph, explaining that by law you're required to return the security deposit minus any legitimate charges. A sentence that the letter contains a financial statement of deductions from the security deposit. The amount of each deduction and an explanation of why each is being deducted.
The landlord is allowed to adjust the security deposit amount when rent has not been paid or intentional damage has been made to the property. The landlord should refund the balance to the tenant when the property is being vacated.
