Shouldn’t be a issue since landlords never lie to keep deposits right?
In NZ if the bond is not lodged with the tenancy tribunal within a couple of weeks, the LL is in serious trouble.
Meanwhile in America, my old ll tried to tell me I couldn’t have my deposit back because “it’s summer and the bank is on vacation”
It’s different in my region.
Landlords have been challenged to show when and why they withold deposits. It’s not guaranteed but when brought to the board the tenant often wins unless the landlord can present a good case.
Then again, we only rent from companies for a reason.
They have a deposit protection scheme in the UK where neither the landlord nor the tenant have full control of the amount. It’s very useful. Much better than the landlord having the money in his possession.
This was a big change when we moved to the UK. It makes sense to have a third party involve with photos of everything before you rent. Should be standard really.
This, the limit on how much it could be, and the ban on charging any additional fees, absolute game changers! The changing them not being able to tax deduct mortgage payments has also changed behaviour. I mean, landlords are still a huge drain on society and rents are mental but these steps help
In Canada your landlord is required to pay back your deposit with interest, so if you gave them a $1000 deposit and stayed for 10 years and interest is at 5% they would be giving you back about $1600.
Very few actually do this and most of the time interest is so low nobody bothers to fight for it.
… what kind of deposits? 😮
Sorry, still new migrant. Just wanted to say I have never seen the descriptions of the emojis before! I was getting some of them SO wrong! 😱
Security deposits are a type of refundable fee where a tenant pays a specific amount (often many hundreds of dollars) to a landlord to “ensure” that they don’t damage a residence while living there. If the residence is damaged, the landlord keeps the deposit. The term is derived from contract law where “security” just means a way to make sure that a party to a contract meets their contractual obligations.
There are many instances where a landlord illegally keeps the deposit over damage that was either already existing or minimal (also referred to as “wear and tear” damage, which is expected when you live somewhere long-term), so OP is calling for the courts to determine the extent of damage to prevent landlords from taking advantage of tenants.
In some jurisdictions (like the one I live in), security deposits and most other related deposits such as key deposits (i.e., a refundable fee paid to obtain a key to the residence) are completely illegal in order to eliminate the possibility entirely.
Thank you for the explanation.
You’re welcome. Hopefully you don’t have to deal with security deposits any time soon. :3
Do you not have security deposits where you are? That’s strange honestly lol
normally in brazil you have three alternatives:
- find someone who sponsors you: increasingly in disuse, since your sponsor needs to have property paid in full within municipality’s limits, metro regions or in neighbouring cities, and a monthly income that is at least 3 times the rent and other associated expenses;
- pay an insurance: generally it amounts for an increase of 10-25% on top of your rent. however, by the end of the contract you won’t have it back;
- traditional deposit: most tenants and real estate agents will charge you three rents in advance, since normally contracts have a standard 30-month length. after an year elapses and you decide to leave, you will receive your deposit in full with the inflation that incurred during that time. if you decide to leave before that year, you will have to pay a penalty of your rent multiplied by the number of months that are left in your contract divided by 10 (e.g. if you leave with about 24 months left, the penalty will be rent * 2.4). this penalty is usually waivered after 12 months. however, if you didn’t really trashed out your former house, they will charge you painting and cleaning expenses (sometimes even if you paint and clean yourself, depending on how much son-of-a-b*tch they are).
In Germany, it is possible to ‘‘make a deposit’’ with the bank, so the landlord gets only the confirmation (Bürgschaft). Furthermore, it is also a thing to pay that deposit in rates (installments), not to burden the new tennant immediatelly.
I think it works a lot like insurance: you pay a smidge every month, but you also get no money back at the end, so… not really a deposit. However, it does satisfy the landlord and the deposit is legally provided, so… to give up one or two coffee’s every month (for a couple of years) is worth it at the rough beginnings.
For comparisson, you pay some 20 € monthly instead of 3500 € on hands of the landlord. You are moving, you are already burdened with the costs and expenses, so instead of having a financial blow on top of all the misery, you simply walk into the bank, make ‘‘Bürgschaft’’ (depost confirmation), agree to pay 20 € monthly, beginning from next month… and you exhale. It is a practical guarantee that the bank wil cover your deposit.
You give that ‘‘Bürgschaft’’ (deposit confirmation) to your landlord and all is good. If your landlord later, turns out to be an a…hole, he has to claim the deposit with the bank. If you contest landlords claims (bank will 100% contact you in that case), then it is a direct war between him/her and the bank… and good luck with that. To you it is all the same anyway, as you pay (paid) monthly installment (rate).
If there are no disputes and you are moving out earlier, then you can simply cancel the ‘‘Bürgschaft’’ contract (based on canceled rent agreement) and you don’t have to pay anymore.
The downside is - no money back.
It is not really a hype thing here, but I’ve done it and it worked OK; (no disputes though).
There’s a similar thing in the US but many landlords don’t accept it.
I mean apartments should be run by the state but baby steps I guess
This is actually how it works in some places in Canada. It’s a very effective system.
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Ah yes… Lords of land… The greatest of leeches.
It’s a requirement in Australia for it to be paid to the government bond agency. Typical method of paying it is a cheque payable only to the bond authority. Once you hand back the keys at the end of the lease you can apply directly to the bond agency for it to be refunded to you and the landlord needs to formally object to claim any of the bond.
That sounds like a way more reasonable system! As far as I’m aware it’s not super common here (Netherlands) for landlords to not pay back the deposit but it is entirely in their hands :(
Well, still plenty of dogdy landlords who take advantage of people who don’t know about that requirement and either take it for themselves or push renters towards “resolving disputes between themselves” and not involving the bond authority at end of lease time.
Check your local laws and ordinances, your landlords may be required to provide itemized expenses to you within a certain time frame. Where I am, it’s within 30 days.
In my state they have to give you an itemized statement of damages and/or return your deposit within
3045 days or you’re entitled totrippledouble the amount.What state is that??
Sorry, it’s 45 days and only double.
Wait, this ISN’T how it works where you live?
Where I live (in Victoria, Australia), the bond is held in trust by the residential tenancies bond authority. At the end of the lease the landlord can try make a claim, but you can take them to VCAT (a small claims tribunal) to argue against it, and until either all parties agree, or the court orders it, the bond doesn’t get paid out to anyone.
Our laws are far from good, and still favour owners too much, but damn. Just trusting them to pay you out of their own pocket?
Just trusting them to pay you out of their own pocket?
Assuming US, it actually depends on the state (may be all states, but I can only speak of those I’ve lived in). The law is that the money must go into a separate interest bearing account and that is the money that is to be returned. So the money isn’t supposed be their own pocket.
Just trusting them to pay you out of their own pocket?
actually the opposite! everyone here just expects to never see their deposit ever again
😬
