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 –
- This agreement must have both the party’s names, basic personal details, their signatures and dates.
- 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.
- It states that the deposit will be returned fully if certain conditions are met with. These conditions are clearly listed out-
- That the resident does not use this deposit towards the rent.
- 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.
- 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.
- The property has been cleaned and all personal property of the resident has been totally vacated.
- All keys have been handed back.
- Also it might require the tenant to leave a forwarding address too.
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- damage deposit form