I am in AB. I do not like wasting my time and really like to see commitment & follow through with potental tenants. (Some are all talk and no action) When the rental market was tight, I had people put in applications at a bunch of places. I would accept them and then they would be slow or not follow through to sign the lease agreement. After being burnt a few times this did the trick. Taking a rental deposit worked really well and continues to work well for me in a tight market.
I ask for the first months rent and the security deposit (preferably in an e-transfer, certified chq or bank draft or cash) It is deposited asap and as soon as the money clears (if a standard personal chq), I send them the lease agreement.
Less the $500 Rental Application fee which goes towards the first months rent after the credit checks are complete and they have been approved. (If I do not accept them this money gets returned. If I accept them and they don't take it, I keep the money for cost of doing the credit checks.)
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