Sometimes a down payment is refunded, and sometimes it`s not – it`s a situation. If there is another active rental application that was filed prior to your application and the landlord or property manager approves their application before they arrive to you (meaning you cannot rent the unit), your down payment will be refunded. However, your registration fees are not refundable, so don`t expect to get them back! In Scotland, landlords cannot require a tenant to pay a deposit (also known as “key money,” “premium” or “participation fee”) to secure a property. Landlords and landlords cannot legally require a tenant to post a deposit in addition to the first month`s rental. Requesting a deposit is illegal. Owners may indicate that this down payment or tax is intended to cover credit reference verification or other administrative duties and is not reimbursed. This is illegal and tenants should not pay extra money. Landlords – if the landlord or landlord does not own a property after receiving a security deposit or decides to rent it according to a person or person after a cheque, this should be returned to the potential tenant in its entirety. You are not allowed to make multiple storage funds for the same property. A property can be tendered at several locations, which can lead to double bookings. Therefore, tenants should check whether the property is promoted elsewhere before agreeing to pay a deposit. These are the two deposits, yes, but they are totally different. If you pay a deposit, there`s a lease at stake.
My point is that you do not pay a deposit until your application has been approved and you sign a lease to rent the apartment. A deposit is refunded and it can be used to cover any damage to the apartment by a tenant during their rent. The rest of the deposit will be refunded to the tenant. If no damage is found in the apartment, then you will receive the full deposit. Although it`s not super common, it`s possible! A security deposit ranges from $100 at the cost of one month`s rent.