What you need to know about the security deposit
The security deposit is a sum of money paid by the tenant to the lessor when signing the lease. It serves as a guarantee to the lessor in the event of the tenant failing to meet his obligations, such as:
- Unpaid rent and charges
- Unrepaired tenant damage
- Other contractual breaches
Amount of the security deposit in Mauritius
Generally speaking, the amount of the security deposit is capped at 2 months' rent excluding charges. It must be mentioned in the lease contract and cannot be increased during the lease term, even on renewal.
Return of the security deposit
The lessor must return the security deposit to the tenant within one month of the tenant's departure. This period begins as soon as the keys to the property have been handed over and the inventory of fixtures has been signed by both parties.
Conditions for deduction from the security deposit
The lessor may deduct from the security deposit any sums corresponding to repairs for which the tenant is responsible. However, he must justify these deductions by means of estimates or invoices.
Failure to return the security deposit: right of recourse
If the lessor fails to return the security deposit within the stipulated period, the tenant can send a formal notice. If this is unsuccessful, the tenant can take the matter to the appropriate court.
★ Small clarification ★
It is important to distinguish between a security deposit and a guarantor.
The security deposit is the sum of money paid by the tenant to the lessor when signing the lease. It is used to guarantee payment of unpaid rent and charges, as well as any rental repairs that may be required when the tenant leaves.
A guarantor, on the other hand, is a natural or legal person who guarantees the tenant's obligations. This means that the guarantor undertakes to pay the rent and utilities on behalf of the tenant if the latter fails to do so. The guarantor must be solvent, i.e. have the financial means to pay the tenant's debts.
Rent a property or rent your property easily with the real estate agency DECORDIER immobilier.
DECORDIER immobilier Grand Baie
Phone : +230 268 2828
E-mail : contact@decordier-immobilier.mu
Website : www.decordier-immobilier.mu