What should a security deposit be

Roommate situations are complicated. If only 1 roommate is moving out and the person moving out paid the deposit to another roommate, that roommate has to return the deposit. If the person moving out gave the deposit to the landlord, and the landlord has a separate rental agreement with the roommate moving out, the landlord returns the deposit.

If, however, the roommates all signed 1 rental agreement for the unit and only 1 of the roommates moves out, the landlord does not have to return the security deposit until all the roommates have left. Get more information about security deposits from the Department of Real Estate. Get more information about landlord-tenant issues from the Department of Real Estate.

Skip to main content Skip to topics menu Skip to topics menu. Cancel Print. Advanced Search. Security Deposits. There are limits on the amount of the security deposit: If the security deposit is for a residential property without furniture, the security deposit may equal 2 times the rent. If the residence is furnished, the landlord may charge up to 3 times the rent. There is no restriction on the amount of the security deposit for the rental of a commercial property.

If the repairs cannot be finished within the day period, the landlord can send the tenant a good faith estimate of the cost of repairs. Then within 14 days of the repairs being done, the landlord must send the tenant the receipts. This does not include ordinary wear and tear. Moving Out The landlord can use the security deposit when the tenant moves out, if the landlord has a valid reason for deducting money from it.

Some common reasons that a landlord can keep money from a security deposit include: the tenant owes money for rent; the tenant has damaged the property and the landlord completed the inspection reports; the tenant has not cleaned the property and the landlord completed the inspection reports; the tenant has not returned the keys; or the tenant owes money for fees.

Requirements for Returning the Security Deposit When the tenant gives up possession of the property which is usually when the tenant gives the keys back to the landlord , the landlord has 10 days to deliver a statement of account to the tenant.

Frequently Asked Questions Moving In What is the maximum amount a landlord can ask for a security deposit? Moving Out What can a tenant do if the landlord does not provide the security deposit? Tools to Help Getting your security deposit back. Renting A Guide to Renting in Alberta. RTA Handbook. Funded by. A Project of www. Disclaimer This website provides legal information for Alberta law only.

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Table of Contents. Know Your Security Deposit Limit. Deposits Due Date. Where Deposits Holdings. Returning Deposits. Keeping Deposits. By Erin Eberlin Full Bio Twitter Erin Eberlin is a real estate and landlord expert, covering rental management, tenant acquisition, and property investment.

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