Security Deposit – A security deposit is a set amount of money that a tenant must present to a landlord before the rental period begins. The amount of money is used to allow the landlord to repair any damage that may have occurred at the end of the lease term, or if lease obligations have not been met, the landlord has the option to pay the costs. The rent deposit can be the amount of 1 to 3 months’ rent. There is a possibility to open a rent deposit account at the tenant’s bank. The fixed amount is blocked for the tenant and can only be released by the signature of the landlord.
Deposit Overview: Presentable, fixed amount of money
- Contractually fixed amount of money that the tenant must present to the landlord before the start of the rental period
- Amount of money is used for repair of possible damages or for use in case of unpaid rent
- Deposit varies between 1-3 months rent
- Rent deposit account possible
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