A security deposit is a sum of money or given to the landlord, that is in addition to the rent paid in respect of the residential premises, and is held as security or otherwise called damage deposit for the performance of an obligation or a liability of the tenant.
A landlord shall give the tenant a written receipt stating the amount of the deposit, the date of payment, and the premises to which it applies. The security deposit is not an asset of the landlord, but must be held in trust account by the landlord.
When a security deposit is refunded to a tenant, a landlord shall also pay interest on the security deposit for the entire period the landlord has had the security deposit, if applicable. More Info: http://www.servicealberta.ca/978.cfm
Landlords usually ask tenants for a security deposit, sometimes called a damage deposit. The RTA limits the maximum amount a landlord may ask for as a security deposit. It cannot be more than the equivalent of one month’s rent at the time the tenancy starts.
The Residential Tenancies Act refers to a landlord and tenant relationship as a rental agreement. The agreement can be oral or written and is a legal binding contract between the parties. It may be simple and brief, or it may contain extra conditions or obligations. Any and all changes or additions to a verbal or written rental agreement should always be noted in writing. It is important to note that any conditions or obligations in a rental agreement are not valid if they contravene the Act.
Yes, the landlord shall give the tenant a duplicate copy of the Rental Agreement within 10 days after the date of signing by all parties. If the landlord fails to do this, the tenant is not obligated to pay rent until the tenant receives a copy of the rental agreement. However, any rent already paid may be kept by the landlord.
Need more Information for Tenants – Consumer Tips