A deposit is an amount of money the landlord takes from the tenant in order to provisionally cover damages to the property during the tenancy, unpaid rent or utility bills or other costs that the tenant may leave outstanding. Legislation covering deposits, such as whether one is legally required, the concepts that may be covered and whether the parties to the tenancy can agree on any additional amounts to be paid for guarantee purposes and whether the deposit needs to be invested or registered may differ from one city to another. Spotahome strongly recommends you check with a lawyer or any competent authorities if any specific regulations, restrictions or obligations are applicable to your case. A deposit should be returned to the tenant at the end of the tenancy, unless it can be substantiated that the deposit must be used to cover damages, unpaid rent or utility bills or other costs that the tenancy agreement contractually states will be covered by the deposit.
Articles in this section
- 1. What are the rental terms and conditions?
- 2. Am I the one who determines the rental price of my property?
- 3. Can I prohibit my tenant from having overnight guests?
- 4. What type of rental contracts does Spotahome work with?
- 5. How does Spotahome’s cancellation policy work?
- 6. What is a deposit?
- 7. Do I need to ask my tenants for a deposit?
- 8. When does the tenant pay the deposit?