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Useful info of security deposit for choosing rented home |

When we are going to change or shift from our rented house, again tension arises of paying a big amount of security deposit. There are thousands of questions fighting in mind, for what, how much and  why deposits have to be paid? Isn’t it true. Then be aware and stop worrying about.

If landlords take security deposits then courts have also laid some obligations on them. These obligations are as followings:-

  • The landlord has to provide you with Receipt in written of security deposit.
  • He has to give you statement regarding the condition of your apartment.
  • Your money should be held in a separate account by the landlord.
  • All the records of deposits have to be kept by the landlord and will have to pay you interest every year.

So, keep in mind to never give your landlord cash without getting a written receipt. You must also take the account number with name and location of the bank and also the second receipt of deposited money. And, if she/he does objects in giving you the receipt then you can use Form 4: Security Deposit and Last Month’s Rent Receipt.

It provides monetary security to the landlord, in case of damage to the apartment or failure by the tenant to comply with the agreement (such as moving out before the lease ends). The tenant receives the deposit back at the end of the lease, minus any deductions for repairs/restoration.

The security Deposit provides monetary security to landlords. But, it’s not all the responsibilities of landlords, tenants also have to take care. In case of any damage to the apartment , deposits which receive back will be minus any deductions for repairs /restoration. You have right to know How many repairs cost (including receipts proving the cost).

The tenant should ensure that the condition of the place they rented at the time of vacating should be same as, at the start of the tenancy. And, finally, a good tenant would always have done the cleaning and repairing himself, before moving out.

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