Rent Deposit Deed
Rent Deposit Deed
This Rent Deposit Deed ("Deed") is made and entered into on [Date], between [Your Name], hereinafter referred to as the "Landlord", and [Tenant's Name], hereinafter referred to as the "Tenant".
I. Deposit Amount
The Tenant agrees to pay a deposit of $1500 ("Deposit") to the Landlord as security for the performance of the Tenant's obligations under the tenancy agreement entered into between the parties on [Date of Tenancy Agreement].
II. Purpose of Deposit
The Deposit shall serve as security for any unpaid rent or other charges due under the tenancy agreement, damages to the property beyond fair wear and tear, and any costs incurred by the Landlord as a result of the Tenant's breach of the tenancy agreement.
III. Return of Deposit
Upon the expiration or termination of the tenancy agreement, the Landlord shall, subject to the terms and conditions herein, return the Deposit to the Tenant within 30 days of the Tenant vacating the premises, less any deductions for damages, outstanding rent, or other charges due under the tenancy agreement.
IV. Conditions for Return
The Deposit shall be returned to the Tenant provided that:
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The Tenant has fulfilled all obligations under the tenancy agreement, including but not limited to payment of rent and utilities, and compliance with all terms and conditions therein.
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The property is returned to the Landlord in the same condition as it was at the commencement of the tenancy, fair wear and tear excepted.
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All keys and access devices provided to the Tenant are returned to the Landlord.
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The Tenant has provided a forwarding address to the Landlord to return the Deposit.
V. Deductions from Deposit
The Landlord may deduct from the Deposit any amounts owed by the Tenant under the tenancy agreement, including but not limited to:
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Unpaid rent or utility charges.
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Costs incurred for repairing damage to the property beyond fair wear and tear.
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Costs incurred for cleaning the property if it is not returned in the same condition as at the commencement of the tenancy.
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Any other costs incurred by the Landlord as a result of the Tenant's breach of the tenancy agreement.
VI. Dispute Resolution
In a dispute regarding the return of the Deposit, the parties agree to first attempt to resolve the dispute amicably through negotiation. If the dispute cannot be resolved informally, either party may seek recourse through the appropriate legal channels.
VII. Governing Law
This Deed shall be governed by and construed under the laws of [State/Country].
VIII. Signatures
IN WITNESS WHEREOF, the parties hereto have executed this Rent Deposit Deed as of the day and year first above written.
[Your Name]
[DATE SIGNED]
[Tenant's Name]
[DATE SIGNED]
