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security deposit agreement

Know more about Security deposit agreement

Usually, all Landlords expect a security deposit or damage deposit from a tenant before he moves into a property. It is a single one-time payment and is mostly a month’s rent. The money is returned with interest on the deposit which is determined by each country or city’s stipulated regulations. Now it should be noted that a Security deposit agreement is not a receipt for rent.

Points in a Security Deposit Agreement –

The following points are included in a security deposit agreement –

  1. This agreement must have both the party’s names, basic personal details, their signatures and dates.
  2. The address of the property is clearly stated and the amount of the security deposit agreed upon, which is a month’s rent in usual.
  3. It states that the deposit will be returned fully if certain conditions are met with. These conditions are clearly listed out-
  4. That the resident does not use this deposit towards the rent.
  5. The monthly rent is paid on time. Any fee or debt is also paid.
  • No damages have been caused to the property or any other appliances provided beyond usual wear and tear.
  1. Proper notice period as is agreed upon has been served. If not then the deposit may be applied towards the reduced or absent notice period.
  2. The property has been cleaned and all personal property of the resident has been totally vacated.
  3. All keys have been handed back.
  • Also it might require the tenant to leave a forwarding address too.

 

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