Description and usage
Rent Deposit Agreement This document is designed for use with a lease, where a rent deposit is paid to the landlord by the tenant and the deposit is placed in a bank account and held on trust by the landlord for the tenant. This five page document contains 12 clauses covering - definitions and interpretation
- deposit
- repayment of the deposit
- statement of deposit account
- withdrawals
- interest
- change of landlord
- indemnity
- notices
- miscellaneous (including a liability clause)
- applicable law
- Contracts (Rights of Third Parties) Act 1999
The landlord can use the deposit if the tenant defaults but otherwise the deposit must be returned to the tenant at the time specified in this document and the tenant is entitled to the interest earned on the deposit account. You need this document if you are a landlord wanting to formalize the terms under which you hold a tenant’s deposit. What's in it? - See detailed Explanatory Notes below
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