Information about the amount of the deposit, when it must be paid and when it must be returned The deposit is considered the legitimate property of the tenant until the owner has the right to it. Parking and Storage Fees: A landlord may include a parking and/or storage fee as part of a rental agreement or may have a separate agreement for such fee. If the parking or storage fees are included in the rental agreement, they cannot be increased beyond the full annual amount of the authorized rent increase. If your parking/storage fee is included and you think it has been increased to an inappropriate amount, please contact the branch for assistance. If your parking and/or storage fees are a separate agreement, there may be no limit for the amount they can calculate. The Residential Tenancy Branch recommends carefully reading and understanding any agreement before signing. By “excess deposit” we mean the difference between the outstanding amount of a tenant`s rental deposit and the maximum rental bond they could legally require under the terms of the Tenant Fees Act 2019 if the lease is agreed today. For example, if a tenant paid a deposit of £1,500 in January 2019 and extended their lease agreement on 16 June 2019 at a weekly rent of £200, the excess deposit would be £500. Each lease agreement should contain a surety clause. While each landlord has the option to customize this clause, the state in which your rental property is located may have certain surety laws that you must comply with.
Regardless of your state laws, there are certain bases on the bail terms that you should always include in your agreement. Below is an example. Not a member of the TDS yet? Learn more about TDS`s service and systems with our free, non-binding demo. In addition to our deposit hedging solution, we`d like to show you a few other unique time-saving features for TDS. This can be in your offices, or we can arrange remotely with our screen sharing app. Most deposit deductions are agreed between the tenant and the landlord, without the need for TDS`s dispute resolution service.. . . .