08
Apr
12

it’s the law (security deposits)….

 

Security Deposits:

So you like every other landlord want to know how to protect yourself against costly repairs for damages caused by your tenant at the end of their lease.  You have heard of some landlords that take a “Security Deposit” to make sure they have a buffer to cover this at the end.

Well they must not be renting their properties in Ontario, or they are directly contravening the Residential Tenancies Act.

That’s right.  In Ontario the legislation is very clear to what deposits a landlord can and can’t collect when they start a lease.

Rent Deposits:

  • These can be collected.
  • They must be collected before the tenant receives the keys to the residence and they can’t exceed the equivalent of one rent period maximum rent.
  • This is referred to as last month’s rent, and as the landlord, you must pay interest on this money being held.
  • Last month’s rent can only be applied to the last month of rent due and may not be held for damages

 

Key Deposits:

  • These can be collected.
  • This charge is fully refundable, and can only be charged if the keys are not returned
  • The charge can only be equal to the real price to replace the keys

 

Security Deposit:

  • Sorry this is not legal

 

Damage Deposit:

  • Sorry this is not legal

 

Pet Deposit

  • Sorry this is not legal

 

So how do you get money back for damages?  You will need to file a claim with the  Small Claims Court.

 

 


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