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WHILST PAYMENT OF A DEPOSIT IS NOT A VALIDITY REQUIREMENT, CERTAIN RULES APPLY IF A DEPOSIT IS AGREED UPON IN A LEASE

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Rental News - PAYMENT OF A DEPOSIT IS NOT A VALIDITY REQUIREMENT
WHILST PAYMENT OF A DEPOSIT IS NOT A VALIDITY REQUIREMENT, CERTAIN RULES APPLY IF A DEPOSIT IS AGREED UPON IN A LEASE – stbb attorneys.

 

In lease agreements relating to residential property, the landlord is obliged by the Rental Housing Act to place the amount received as a lease deposit in an interest-bearing account held with a financial institution. The interest rate applicable to this account may not be less than the rate applicable to a savings account at a financial institution. The tenant may request a statement of the interest earned on the money at any time during the tenancy.

If the deposit is paid to the account of a registered estate agent on behalf of the landlord, it must similarly be invested; the deposit and any interest thereon is then dealt with in accordance with the provisions of the Estate Agency Affairs Act.

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