Did you know....A landlord can't take more than 50% of the rent for a deposit.

The Residential Tenancy Act states that a landlord can only charge 50% of the total monthly rent as a security deposit. They can also only charge another 50% if the tenant has a pet as a pet deposit. Some people think that if you write it up in a contract and the tenant signs it then you can charge more. This is not true. There is a rule that says you cannot write a contract to over ride a statute. In other words if the statute, The Residential Tenancy Act says one thing, you can't write a contract that over rides that statute. The contract becomes unenforceable. 

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Bill Hubbard

Bill Hubbard

CENTURY 21 Executives Realty Ltd.
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