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The Security Deposit clause requires the payment of a security deposit to protect, in the case of real property, the Landlord from the Tenant's non-payment of rent and from damage to the property, or in the case of personal property, the Lessor from the Lessee's non-payment or damage to the property.

Lease Deposits means the amount of prepaid rent and security deposits held to the credit of the Vendors by landlords of Real Property Leases as disclosed by estoppel certificates signed by such landlords.

First, yes, it is legal for a landlord to charge a key deposit. It's included as a standard section of the Ontario Standard Lease - a tenant gives an agreed upon dollar amount to the landlord before moving in, to be held until the keys are safely returned.

106 (1) A landlord may require a tenant to pay a rent deposit with respect to a tenancy if the landlord does so on or before entering into the tenancy agreement. (2) The amount of a rent deposit shall not be more than the lesser of the amount of rent for one rent period and the amount of rent for one month.

A rental deposit, or security deposit, is a sum of money paid by a tenant to a landlord before occupying a rented property. The primary purpose of a rental deposit is to safeguard the landlord's interests and cover any potential damages caused by the tenant during the tenancy period.