We really need a security deposit!

CORPIQ's Director of Public Affairs and Government Relations, Mr. Plante, had the opportunity to be interviewed on Radio X (interview link at the bottom of this article) on the issue of the security deposit and the Code of Ethics and Deontology for real estate landlords.

Code of ethics and deontology of CORPIQ

CORPIQ already had a Code of ethics that has been guiding the good conduct of its members for several years. However, this update allows us to better isolate and manage certain situations where a landlord goes outside the usual framework of the role expected of a rental property owner.

The long-term goal is to better educate and support landlords so that professional behaviors are always followed, with respect for the entire landlord community and to ensure the most cordial relationships possible with one's tenants, regardless of the situations encountered. "The public expects a large organization to step in when a member appears to be on the fringe of the system," says the Director of Public Affairs and Government Relations.

Security deposit

The other subject of discussion is the legal acceptance of the security deposit, which is important because it can constitute an interesting and effective protection in the face of too many dwellings left in poor condition by an outgoing tenant. The landlord is too often left to his or her own devices in terms of legal and financial recourse when it comes time to repair damage caused by a tenant who has left a dwelling in unacceptable conditions and requiring repair work. Remember that 70% of property landlords own buildings with 5 units or less. Unexpected repair work due to the irresponsibility of certain tenants therefore represents considerable sums of money for landlords who are victims of this type of situation.

"The security deposit is a measure that could make all tenants more responsible and ensure better maintenance of the rental stock," says Mr. Plante. Moreover, it could also be a lever to protect against unpaid rent: nearly 50,000 cases per year end up before the Tribunal administratif du logement for non-payment of rent. 

 

Click here to listen to the audio interview