If your lease agreement requires you to pay a deposit, then you will need to do so in order to occupy the premises. This applies to both verbal and written contracts.
Usually the deposit is equal to one month’s rent, although it is becoming increasingly popular for landlords to insist on a deposit equal to two months’ rent.
During the rental period, your landlord must invest the deposit in an interest-bearing bank account or the letting agent must invest it in a trust account. At the end of your lease, the full deposit, as well as the interest it has earned, should be returned to you, provided that there are no damages to the property.
The purpose of a deposit is to reimburse the landlord for any outstanding money that is owed or to cover the costs of repairing any damage over and above “fair wear and tear”.
If your landlord does withhold your deposit, he will need to supply you with proof of the repair costs he has incurred. If the repair costs amount to less than your deposit, your landlord must refund you the difference.
Read: Rental property maintenance: who fixes what?
If there are no deductions from a deposit, your landlord must issue a refund within seven days of the inspection. If repairs are necessary, the deposit minus deductions must be refunded to you within 14 days of restoration of the dwelling. However, if you refuse to attend an inspection, the landlord will have 21 days to transfer the refund.
An incoming and outgoing inspection of the property should be performed. Together, tenants and landlords should draw up a list of defects, signed by both parties, which will be included in the lease.
Tenants and landlords must both re-inspect the property before the tenant moves out, using the same list of defects as a point of comparison, according to the Rental Housing Act.
• Information supplied by Private Property.
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