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An owner of real property, who allows another to take temporary possession through a lease. landlord & tenant. property & real estate law.
Moving In. In Alberta, most landlords require a tenant to pay a security deposit or damage deposit before moving in. A security deposit is a one-time only payment and cannot be more than one month's rent.
In the event of any assignment of a Leasehold Mortgage or in the event of a change of address of a Leasehold Mortgagee or of an assignee of a Leasehold Mortgage, notice of the new name and address shall be provided to Lessor. See All (23) Notice to Lessor.
There are instances when damage to the property can occur as a result of prolonged wear and tear. In these cases, the damage caused could be considered the fault of the tenant for not raising the issue with the landlord before the damage occurred, and this could mean that the tenant is charged for the repairs.
Security Amount means with respect to any Accounting Period during which an Initial Security Amount Posting Date occurs or beginning after an Initial Security Amount Posting Date and prior to the related Security Amount Release Date, the amount of the Reserves as of the end of the prior Accounting Period, updated to
As nouns the difference between lessor and landlord is that lessor is the owner of property that is leased while landlord is a person who owns and rents land such as a house, apartment, or condo.
Sometimes a security deposit is called a "damage deposit," and is generally some amount of money that the landlord is able to hold on to if a rental property needs any cleaning or repairs, in order to return the property to the condition it was in when the renter first moved in.
Definition of security deposit : an amount of money that a renter pays when beginning to rent property (such as an apartment) and that can be used to pay for any damage that the renter causes to the property.
A lessor is the owner of an asset that is leased, or rented, to another party, known as the lessee. Lessors and lessees enter into a binding contract, known as the lease agreement, that spells out the terms of their arrangement.
Your landlord is always responsible for repairs to: the property's structure and exterior. basins, sinks, baths and other sanitary fittings including pipes and drains. heating and hot water.