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We’ve all hear the expression “death by a thousand cuts”. Keys and key replacement is an expense that can rapidly affect your bottom line. Keys, locks, and locksmith labour and replacement installation costs can add up fast – especially in multi-unit rental properties.
This notice form explains the key deposit and requirements for replacement or additional key sets. It also urges the tenant to contact the landlord as soon as possible should a key get lost. Keep in mind that as a landlord you may not be able to collect a key deposit in some jurisdictions. In Ontario, for example, landlords are not able to apply the security deposit to any other expense except last month’s rent. We usually serve this notice to tenants more as an informational notice to encourage them to look after their keys and understand that keys MUST be returned at end of tenancy. You could use this form effectively for additional key sets requested by the tenant for a new roommate, relative, etc.
The bottom line is that tenants can duplicate keys pretty easily, so you want to make it fairly easy for them so they opt to go through you rather than Home Depot’s key cutting service. That way you will have the knowledge over how many keys are floating around plus use the opportunity to get details on any changes in the living situation/resident count of your unit tenant(s).
Why Do I Need This Form?
- Set or reiterate the key deposit/lost key/additional key terms for your rental property with your tenants
- Have a mechanism to deal with key issues that’s easy and painless for your tenants to abide by
- Reminds tenants of the importance of unit and property security and how seriously you/landlord take it