Has your rental deposit not yet been paid back?
If you have returned your apartment to your landlord without defects, the landlord must repay the rental deposit at the end of the rental agreement. However, if defects were found, you many need to pay for the damage. If not, then you are entitled to full repayment of the rental deposit.
What is a rental deposit?
The rental deposit serves as a way for landlords to hedge potential claims. For example, if a tenant moves out and leaves damage behind, the money from the deposit can be used to fix the damage if the tenant cannot or will not pay.
How much can a deposit be?
For apartment rentals, the deposit can be up to three-months’ rent (including ancillary costs), while for commercial rentals there is no deposit cap.
What else applies to rental deposits?
The deposit must be held in a blocked account held in the name of the tenant. The interest accrued belongs to the tenant. If the money is not held in such an account, then it can be reclaimed at any time.
How do I get my money back after moving out?
If the landlord has not made any claims within one year after termination of the rental agreement (for example, by filing legal action), then you can request the bank to pay out the funds.
However, if the landlord asserts claims, in the worst-case scenario, a court must decide whether the tenant has to pay for the damage. The remainder of the deposit can be requested only after a decision has been reached.
Our free sample letter shows you how to ask your landlord to repay your deposit.