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How to deposit payment lease

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namira from georgia she says they ask us for a deposit and i specifically ask her is the deposit normal so if im paying rent a 12 000 a year 1 000 a month for my apartment before getting in before moving in they asked me for 500 or 1000 or two thousand dollars as a deposit which will be returned to me after i even leave the the apartment after they check whether i had left some damages or not this is halal theres no river in that this is a deposit for security whats happening in other countries like india and pakistan instead of paying 12 000 dollars a year they come and give fifty thousand dollars or a hundred thousand dollars as a deposit whoa thats a huge amount of money and then they offer me to rent for five dollars a month which is peanuts so this is actual riba because the hundred thousand dollars deposit is an actual loan and the interest over that loan is me staying in their apartment for literally free and when i check out three four years later they give me the hundred

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Does a deposit mean you get it back?

A security deposit is money you give your landlord when you move in that must be given back at the end of the lease, unless your landlord has a good reason to keep it.

Is a deposit two months rent?

Your tenancy deposit will usually be the same amount as 4 or 5 weeks rent. Its illegal for your landlord to force you to pay a deposit of more than 5 weeks rent (or 6 weeks rent if your annual rent is more than 50,000). If youve been charged too much you can get help from your nearest Citizens Advice.

What does 2 months deposit mean?

A 2 month security deposit is an insurance policy for a landlord. If the tenant wants it back, they will leave the property in good condition prior to vacating. It also shows that the tenant has plenty of money to afford the unit they are renting.

Can a landlord keep my deposit if I never moved in Ontario?

The LTB does not cover issues between a landlord and a tenant before a lease begins. However, if a landlord and tenant sign a lease and the landlord collects a rent deposit from a tenant but then does not allow the tenant to move in, the landlord must return the tenants rent deposit.

Is a security deposit legal in Ontario?

Security deposits are not legal in Ontario under the provinces tenancy rules. The only acceptable forms of deposit in the province are a rent deposit, equal to one full months rent, which may only be used to cover the final months rent payment, as well as a key deposit if applicable.

What does the law say about security deposit?

The landlord is required by law to invest the rental deposit in an interest-bearing account. Any interest accrued is returned to the tenant along with the deposit when they vacate the property. Any repairs the landlord has to carry out during the tenancy is deducted from the deposit.

What is the meaning of 2 months deposit?

A 2 month security deposit is an insurance policy for a landlord. If the tenant wants it back, they will leave the property in good condition prior to vacating. It also shows that the tenant has plenty of money to afford the unit they are renting.

Can a landlord ask for a deposit in Ontario?

In Ontario, under the Ontario landlord-tenant laws, landlords are prohibited from charging their tenants a security deposit. Instead, a landlord can ask for last months deposit. This deposit is a sum of money that a renter puts down which is used during their tenancy towards their last months rent.

Are security deposits allowed in Canada?

Security deposits Your landlord may ask you to pay a security deposit before you rent a unit. This is also known as last months rent. Generally, the security deposit cant be higher than the cost of one months rent. In some provinces, you have to do an inspection before you move in.

What do you mean by 1 month deposit?

Monthly Deposit means the fixed amount of monthly payment or the amount of monthly payment agreed between the Customer and the Bank under the Top-up Arrangement (as the case may be) to be made by the Customer on each Deposit Day. Sample 1Sample 2.

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