Question:

What happens to the security deposit?

by Guest785  |  6 years, 7 month(s) ago

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What happens to the security deposit?

 Tags: deposit, happens, security

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  1. Guest786

     

    The landlord must deliver the security deposit to the tenant, subject to any deductions made for damages or unpaid rent, within 10 days of the tenant giving up possession of the unit. If you are a landlord going through a foreclosure, you are still responsible to return the tenant’s security deposit.

    If the property is purchased by a third party, and the tenancy is not terminated by a Court Order, then the purchaser becomes the new landlord. New landlords are responsible for security deposits, even if they did not receive an amount for the security deposit from the former landlord.

    If a landlord does not deliver the security deposit, an estimate, or statement of account within 10 days of the tenant giving up possession of the unit, the tenant can contact Service Alberta, which handles offences committed under the Residential Tenancies Act.

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