The bond in the rental agreements or lease contract refers to the amount in cash that the tenant gives to the landlord and that serves as a guarantee that it will comply with the contract signed by both parties.
- What is a bond?
- Frequent doubts about the bond in the lease agreements
What is a bond?
In legal terms, the bond constitutes a guarantee for the person who rents from the fulfillment of the obligations of the landlord , not only of the payment of the rent and of other expenses in addition to the return of the house in the same conditions in which it was delivered.
The deposit is mandatory and must be included in the rental agreement. The lessor may request the amount of one or two installments of the rent as a deposit.
That is, the bond that the tenant delivers to the landlord guarantees the following:
- The payment of the monthly payment in the event that the tenant does not comply with the payment within the stipulated date.
- When the tenant leaves the house, the deposit can be used to settle debts, such as domestic bills, that is, those of water, electricity and gas.
In case there are damages in the home that were not at the time the property was delivered to the tenant and that it was caused by the tenant, the deposit may be used to repair them.
Frequent doubts about the bond in the lease agreements
Below you will find an answer to some of the most frequent doubts that arise with regard to the bond in the rental agreements:
- The law establishes that during the first five years of rental of the property or premises, the deposit is not subject to updating. But if the rent is extended beyond those 5 years, the owner or lessor has the right to increase it.
- If the cause of the damage that may have occurred in a home is the time, wear or other inevitable cause, the bond can not be used to repair the damage.
- When leaving the house it is necessary to sign a settlement of the contract and the delivery of keys in which must be recorded damage or deterioration suffered or outstanding debts (such as supplies). Once signed this document, if the deposit is not returned, the tenant can claim.
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