Wondering what to do if the landlord took deposit but not signing contract? Generally, a security deposit that has been paid must be returned if there is no lease or rental agreement.
In India, the Model Tenancy Act governs rent deposit rules. According to this act, landlords must collect a security deposit in advance. Additionally, they are responsible for timely maintenance, including whitewashing, repairs, and external electrical wiring, as specified in the rental agreement.
Here are some key points:
Security Deposit Amount: The tenant should pay a security deposit of 2 months’ rent for residential apartments and 6 months’ rent for commercial properties.
Rental Agreement Requirements:
The rent agreement must be signed by both parties.
It should clearly mention the security deposit amount and monthly rent.
To legally bind the agreement, it must be registered at the sub-registrar’s office.
The rights and responsibilities of both parties should be explicitly stated in the agreement.
Refund of Security Deposit:
Once the lease period expires, the landlord must return the security deposit to the tenant.
Deductions can only be made if they are agreed upon and recorded in the agreement.
I hope you found this answer helpful.
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Can Owner Deduct Deposit Without Rent Agreement?
Arun76
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2024-06-11T16:36:31+00:00 2024-06-11T16:36:32+00:00Comment
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