Equity Refinance Mortgage Loans Canada - Equity Mortgage Loans Canada - Second Mortgage Loans Canada
Mortgage Loans Canada, Mortgage Refinance Canada, Equity Mortgage Loans CanadaOnline Mortgage Application Form Instant Mortgage Approval 1-866-573-3122 24 HOUR CUSTOMER SERVICEEQUITY REFINANCE MORTGAGE LOANS CANADA BLOGMortgage Canada Buying and selling a home cheat sheetMortgage Canada Words To Know When Buying A HomeImportant Mortgage Websites linksMortgage Canada Basics - Mortgage Canada GuideMortgage Canada CMHC Newcomers to Canada Buying your First HomeMortgage Canada CMHC Home Buying Step By StepMortgage Canada CMHC Condominium Buyers GuideMortgage Canada Compare all Canadian Credit CardsHow Credit Effects Your Canadian MortgageMortgage Canada CMHC Housing Market Outlook Canada Edition Page 1Mortgage Calculator - Mortgage calculators allow you to make informed mortgage decisions
Equity Refinance Mortgage Loans Canada, Home Equity Unlocking, 1st & 2nd Mortgages, Your Mortgage Experts. My right Mortgage, INSTANT APPROVAL 24/7 CUSTOMER SERVICE FAST MORTGAGE PAYOUTS IN CANADA HIGHEST MORTGAGE APPROVAL RATE IN CANADA 1-866-573-3122

HOME BUYING, BUYING YOUR FIRST HOME & INFORMATION FOR SEASONED HOMEBUYERS
FINANCIAL CONSUMER AGENCY OF CANADA
CANADIAN ECONOMY NEWS
MORTGAGE BROKER NEWS
October, 2015
November, 2015
December, 2015
January, 2016

LANDLORDS When the Tenancy Ends.

Provides information on conducting a final inspection, returning deposits and ending a rental agreement.

When the Tenancy Ends

Ending the Rental Agreement

When the rental agreement ends, it is important for the party that is ending the tenancy to give proper notice. Once again, the requirements vary in each province or territory in Canada, so it's important to check the rules for your area in the Provincial and Territorial Fact Sheets.

The Final Inspection

When a tenant moves out, you'll need to inspect the premises to see if there are any damages, beyond normal wear and tear. If you inspected the unit with the tenant when he/she moved in, locate your initial inspection checklist. Refer to this list to compare the condition of each room when the tenant moved out with the condition when he/she moved in. The departing tenant and the landlord should inspect the rental premises together; both should sign and keep a copy of the checklist.

If the rental unit passes your final inspection, the timely return of the tenant's damage deposit (if any) will be in order. If the place is in disrepair or unacceptably dirty, you will ask the tenant to pay for cleaning or damages by the tenant and/or the tenant's guests during their tenancy. As a landlord, it is important to review the Provincial and Territorial Fact Sheets, as legislation related to deposits varies from area to area.

Returning the Deposit, with Interest

Rules governing deposits vary from province to province. In Quebec, landlords cannot collect a deposit. In Ontario, landlords may collect a rent deposit, but this is not a "security deposit", so, the landlord cannot use the rent deposit to cover the cost of damages. In some provinces, the Rentalsman office, not the landlord, holds the deposit for the landlord and tenant.

When a tenancy ends, the initially collected deposit is returned to the tenant, often by way of covering the cost of the last month's rent. Most areas have a set interest rate or an interest rate chart that specifies how much interest must be paid. However, in some provinces, like Alberta, interest must be paid to the tenant annually unless both parties agree in writing to have compound interest paid out at the end of the tenancy.

There is often a difference between the amount of the initial rent deposit and the rent as a tenant departs. If the tenant has not given the landlord additional money during the tenancy to increase the amount of the deposit, part of the interest owed, if applicable, is often used to cover the difference between the initial deposit amount and the amount of the last month's rent.

Rules on the use of a deposit to cover damages varies from area to area. Check the Provincial and Territorial Fact Sheets to find out how the return of deposits is handled in your area.


<< Back Add New Comment
0 items total
Add New Comment
Name*
Subject*
Comment*
Please type the confirmation code you see on the image*
Reload image

Powered by 4GoodHosting