When entering into a Lease Contract, a Landlord is permitted to collect a security deposit from the Tenant. The legal purpose of this deposit is to ensure that funds are available for the maintenance of the property once the lease expires. Upon the…
When entering into a Lease Contract, a Landlord is permitted to collect a security deposit from the Tenant. The legal purpose of this deposit is to ensure that funds are available for the maintenance of the property once the lease expires. Upon the conclusion of the contract, the Landlord is under a strict obligation to refund the deposit, or whatever balance remains after legitimate repairs, to the Tenant. This system provides financial security for the Landlord while ensuring the Tenant's funds are returned if they fulfil their upkeep duties.
This is general information from the website library. Confirm current rules, fees and property details with the relevant authority before acting.
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