| |
Rental security (damage) Deposit
Tenants may be asked to pay a security deposit
(also called a damage deposit) when they enter into a tenancy
agreement. This deposit may be used to cover unpaid rent, cleaning
or any damage tenants do to the suite.
In addition to a security deposit, landlords who accept pets may
request a one time pet deposit for tenants having pets.
If there are no problems, tenants should get all the deposit back
when they move out. (See also 'Getting
your deposit back'.)
What you should know about security
deposits:
- maximum amount cannot be more than halt of the first month's
rent
- can be requested only at the beginning of the tenancy
- can be charged only once per rental unit, regardless of how
many tenants are sharing the rental unit
- can only be used to cover damages done to the rental unit
beyond normal wear and tear
- can not be allocated towards future expenses in your rental
agreement
- if you fail to pay the security deposit within 30 days of
the start date of the tenancy agreement the landlord can issue
one month's notice of termination of tenancy
What you should know about pet deposit:
- maximum amount cannot be more than half a month's rent regardless
of how many pets you are allowed to keep
- can only be used to cover damages caused by a pet(s)
- not applicable to pets allowed before January 1st, 2004
More on this Subject
Expert Tenancy
Advice - Security
Deposit
- Pet Deposit
Related Subjects
- Ending Tenancy
/ Getting your deposit back
Other Resources
- British
Columbia Tenancy Office - Fact Sheet RTB-120 
|
|
