When you are a tenant, there are two deposits that may be required before taking possession of your new home. Perhaps you’ve sold your home and haven’t rented in some time, or are a first-time renter. Are you prepared for renting a property? Knowing in advance how the security deposit and pet deposit works, will help you understand why they are required and how they are used. Security deposit The first is the security deposit (incorrectly referred to as the Damage Deposit at times). In B.C. this deposit cannot exceed one half months’ rent and is held by the Landlord or Property Manager until…