Wednesday, November 21, 2012, AM | Leave Comment
Most landlords today demand a certain amount of security deposit to be kept before the house is put on rent. In order to ensure that your landlord doesn’t walk away with your security deposit, you need to acquaint yourself with certain rules and regulations that can be of optimum use.
Understanding the basics
The first and foremost thing to remember is that you have a clear understanding of the documents and records so that you are not made to pay additional amounts during any unforeseen circumstances. In case of security deposits, the documents should also clearly mention the terms and conditions for repayment of security deposit.
Be aware of the laws
While renting a flat, you should have a clear idea on the local laws regarding security deposits for rental houses. In countries like US, property owners have to return the amount taken as security deposits to the tenants within a limited period of time, usually within 14 to 30 days. Under any given circumstances, if the landlord uses the security deposit to repair any damages, he or she has to give actual and detailed receipt of all the damages and expenses incurred through them. It is also important to notice, that land owners cannot charge you amounts arising due to pre-existing damage.
Filling up the walk-through condition form
This form is a requisite when it comes to renting a flat. It comes with the lease but if not, you should look to create your own. Renters usually require it to be filled up within 48 hours of moving in. As a part of this entire process, you need to conduct a detailed survey of the house, noting anything that is not perfect and then approach the landlord asking him to sign a copy.
Documenting the losses
If anything is broken or damaged during your tenure as a tenant, you need to inform the landlord right away and try to get it fixed. In such cases, the amount is deducted from the security deposit. Make sure that the documented amount matches the amount being incurred by the loss so that you do not end up losing on your security deposit.
While this might sound odd, it would be an ideal thing to do before entering into the agreement. As a result, the landlord won’t get the chance of charging you with any additional expenses that he might claim you have incurred through damages.
Leaving the place in a clean state
Even though it might appear to be a tiresome work, it can be very crucial because this allows the landlord to gauge the condition of the house pretty well. Thus, you could be saved from any additional charges that might otherwise have been charged.
Putting away the breakables
If you have kids in your house, this would be the most advisable thing to do so that no major damages are caused by any means.
Providing the landlord with new address
In case there is a delay in the payment of the security deposit, you need to provide the landlord with an alternative address so that the amount is safely received.
At the end of the day, thus, it can be said that only a few elementary precautions could ensure that your security deposit is not endangered by any means.