SECURITY DEPOSITS

  • 3 years ago
  • 1

You are looking for a West Vancouver home to rent and the question of the security deposit comes up.

First, know how much the security deposit will be up front so there are no surprises.

Under the B.C. Residential Tenancy Act,  when a residential tenancy ends and after a tenant gives the landlord their forwarding address in writing, the landlord must return all of the deposits , unless the tenant agrees in writing to allow the landlord to keep all or part of the deposit or an arbitrator orders that the landlord may keep the deposit.

The maximum security deposit should be a half month’s rent. If you have pets, you would need to pay another half a month’s rent for the pet deposit  as well to cover normal wear and tear caused by the animal. The good news is, you only have to pay the deposit once at the beginning of your tenancy. West Vancouver Property Managers know this act inside out as they deal with it on a daily basis. When do you get back your deposit if your move out inspection goes well?

Legally, the home owner has a maximum of 15 days after you move out to return your deposit to you or upon receiving your forwarding address in writing to mail it. In yesterday’s blog we talked about the importance of your move in report and your walk through with the owner. This documented evidence is a protection for the tenant as well as the property owner and will most likely help the tenant focus on keeping the property in the same shape as when they received it.
Remember, “a picture is worth a thousand words.”

Now you can see how important this report is, particularly when dealing with your security deposit.
If you are looking to rent an Ambleside property save your pennies, because if you do not have your security deposit within 30 days of the beginning date of your rental agreement, the owner may give you a one month notice to end the tenancy.
It is to your advantage to always maintain an amicable tenant/landlord relationship right from day one.
 

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