BC Residential Tenancy Information & Links
The Residential Tenancy office has put together a list of rights and responsibilties that function as information for both tenants and landlords. Click here to link to their site. In addition they have included a sample tenancy agreement which can also be linked to by clicking here. This sample agreement does require Adobe to view as it is a PDF document.
When a landlord collects a security deposit they are required to pay back what is owing at the end of the tenancy subject to any deductions due to damage. This security deposit must be paid back with the applicable interest. To determine the correct amount owed to the tenant the RTO has created an Interest Rate Calculator that can assist you with this calculation.
When selling a home with a tenant that will be staying in the premises when the new owner takes possession, the security deposit is transferred to the buyers. This calculation is done by the sellers' Notary and will be presented to the sellers and buyers on the statement of adjustments for review at the time the transfer documents are signed. This calculation will include all applicable interest. The sellers' notary will require two pieces of information for this calculation - the date the tenancy began and the deposit amount including any pet deposit amounts.
© Copyright 2019RealWeb Enterprises Ltd.all rights reserved