31 May 2023

Include Security Deposit Clause In Rent Deed

OLM Desk
Queries Biplov Dev, Kolkata I am a software engineer working in Bengaluru. My landlord is requesting a security deposit equal to 10 months’ rent. I would like to include certain clauses in the rental agreement to facilitate a hassle-free return of my security deposit when I vacate the property. Please suggest the clauses. To ensure a hassle-free return of the security deposit in a rent agreement, one must ensure that the security deposit clause is not linked with the lock-in period clause (if any). The rent deed should be drafted in a way that ensures that upon termination notice by either party, the security amount is released not later than the date on which the tenant vacates or hands over the possession of the premises to the landlord. If the landlord cannot pay the security deposit within the timeline mentioned in the contract, the landlord shall be obligated to pay interest...
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