DEPOSITS FOR RENTAL AGREEMENTS
Category Property News
DEPOSITS FOR RENTAL AGREEMENTS
The Rental Housing Act regulates the relationship between landlords and tenants and sets out clear terms for this relationship, as well as procedures to be followed in the event of a dispute arising between the parties.
The Act permits landlords to request a tenant to pay a deposit before taking occupation of the property. The landlord is obliged to invest this deposit in an interest-bearing account with a financial institution. The deposit together with the interest earned (less deductions for any damages), must be paid out to the tenant within seven days of expiration of the lease. A tenant has the right to request from the landlord a written receipt reflecting all payments made, as well as written proof of interest earned on the deposit.
Author: STBB
