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The security deposit is also
known as damage deposit because the Landlord can apply to keep all or part
of it cover any damage
the tenant does to the rental unit beyond normal wear and tear, or any
costs related to the tenancy.
The Rules
As per the Residential Tenancy
Act,
here are the rules about security deposits:
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The security deposit cannot be
more than half the first month’s rent.
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The security and pet damage deposit combined cannot be more
than one month’s rent.
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The only time a landlord can
request a security deposit is at the beginning of the tenancy. The
landlord can charge only one security deposit per rental unit, no matter
how many tenants live in the unit.
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If the tenant fails to
pay the security deposit within 30 days of the start date of the tenancy
agreement, the landlord may give a one month notice to end the tenancy.
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Once the security deposit is
paid, the tenancy is considered to be started regardless of whether a
tenancy agreement is signed.
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Unless the Landlord has the
tenant's written consent to keep all or part of a deposit or has an
outstanding dispute resolution officer's order that can be applied against
the deposit, the Landlord must return the deposit plus interest within 15
days after the tenancy ends, or apply for dispute resolution with the
Residential Tenancy Branch to make a claim against the deposit. The 15 day
period commences when the tenancy ends or the Tenant provides a forwarding
address in writing, whichever is later.
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If a tenant does not provide
the landlord a forwarding address, in writing, within one year after the
end of the tenancy, the landlord may keep the security deposit and/or the
pet deposit.
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