WHAT IS A SECURITY DEPOSIT/& WHEN IS IT REFUNDED?
The Security deposit is equivalent to the monthly rent amount. This amount is held by the Landlord/Owner/Management Office. The security deposit is refunded upon leaving the property within a specific timeframe as detailed in the lease or in some instances the day the tenant vacates. Security Deposits are withheld/forfeited in instances where the lease agreement has been breached or in others the Landlord can request an additional security deposit if the property is not being maintained according to terms and conditions of the lease agreement. Please note that security deposits cannot in anyway be used as the last month’s rent, or to pay any rents in arrears or to pay for any utility bills or any other bill that the Tenant creates against the property.
