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.
For more information or assistance with rental agreements, contact STBB.