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Lease Deposit Agreement

A lease deposit agreement is a legal agreement between a landlord owning a rental property and the tenant who wishes to occupy the premises. The lease deposit agreement ensures that the landlord will get the deposit for the premises before the tenant moves into the space. The landlord obtains the deposit as a method to protect himself in case the premises are damaged during the rental period.

Purpose

    A lease deposit agreement is used by the landlord to ensure a potential tenant pays the required rental deposit before getting a key and moving into the rental space. Some tenants may avoid paying the rental deposit before moving in, leaving the landlord with the options of letting them move in or lose a month's rent while finding a new set of tenants. The agreement protects the landlord from incorporative tenants, as the agreement allows the landlord to find new tenants if the deposit is not paid on time.

Landlord and Deposits

    The reason why landlords require deposits when renting out a space is protection. Often, landlords do not know the tenants personally, which means that he does not know what type of people he is renting to. While some prefer to have an interview with the tenants, others simply want a deposit. The funds in the deposit are used to repair the premises if the tenant breaks or destroys the space during the rental period. In this case, the tenant will not get the deposit back.

Amount and Payment Date

    The agreement will outline what deposit amount must be paid to get the key and legal access to the premises. It also will explicitly present the date that the deposit must be paid so the tenant can receive the key for the place. The landlord will often provide payment methods for the tenants in the contract, such as checks, direct deposit into a bank account or a money order.

Considerations

    Another section that is included within the lease deposit agreement is the rightful actions of the landlord if the deposit is not obtained on the agreed date. The landlord may have the right to offer the rental space to someone else who is interested if the potential tenant has not paid the deposit. The agreement also will explain how the tenant can get the deposit back at the end of the lease period if the deposit is paid on time. The tenant will often get the deposit back if no major damage has been done to the premises during the rental period.


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