Latest news with #securitydeposit
The National
19-07-2025
- Business
- The National
UAE Property: ‘What deductions can my landlord make from the security deposit?'
Question: What is the precise timeline for my landlord to refund my security deposit after I hand over the keys at the end of a tenancy and what exactly qualifies as 'reasonable deductions'? MB, Dubai Answer: Under Article 20 of Dubai Law 26/2007 (as amended by Law 33/2008), landlords must refund the security deposit 'upon expiry of the rent contract '. In reality, most landlords aim to return the balance within 30 calendar days of receiving the tenant's vacate notice and cancelled Ejari certificate, though some may take longer if there are unresolved utility bills or major repairs to assess. To balance this argument, I can also confirm that if all is OK, some landlords take much less time to return the deposit. The business relationship they had with the tenant would determine this timeframe, too. My advice to ensure a smooth refund would be to organise a joint handover inspection by having a walk-through with your landlord or their agent on the day you return the keys. During this meeting, you should document the condition of the walls, fixtures, fittings, flooring and appliances with time-stamped photos or video. Before receiving your deposit, secure the Ejari cancellation certificate. Without this, landlords can withhold refunds. One of the most abused circumstances from both sides is understanding reasonable deductions. What is allowed are repairs for damage beyond normal wear and tear (e.g., holes in walls, broken tiles, damaged cabinetry in kitchens, bathrooms, bedrooms or utility room), unpaid Dubai Electricity and Water Authority bills, A/C or municipality charges and any cleaning/repainting costs expressly outlined in your tenancy agreement. They are not allowed to charge for touch-up paint jobs, minor scuffs or fading finishes and cosmetic wear from normal occupancy. However, the term 'normal wear and tear' is always open to interpretation, so I would advise to never have this in a contract, rather stipulate what a tenant needs to do at the end of the agreement to get the deposit back. If deductions from a landlord seem excessive or undocumented, you may file a complaint with the Dubai Rental Dispute Settlement Centre within 30 days of vacating. The RDSC typically processes these cases in two to four weeks, mediating between tenant and landlord to arrive at a fair amount. By proactively documenting the property's condition and knowing your rights around Ejari and the Real Estate Regulatory Agency, you can minimise delays and avoid unfair write-offs. Q: Late last year, we purchased an off-plan two-bedroom apartment in One by Binghatti through a marketing agent. It's on level 46 looking towards the Burj Khalifa and has 1,572 square feet, including the extra-large balconies. There will also be a plunge pool on the balcony. We intended to keep the unit post-handover in December 2026 and rent it out, but our plans have changed. In a few days, we will have paid the 40 per cent that will allow us to sell the property, as per the developer's contract. What would be a fair sale price for the property today? The agent we purchased through advised that the best gains will be realised at handover, but paying 60 per cent of the purchase price before handover is too much of a stretch. Should we consider travelling to Dubai to obtain our golden visa and refinance with a local bank loan? We understand that in Dubai, the buyer pays the agent's commission, but our agent is proposing to charge 2 per cent to both the buyer and the seller (us). His explanation is that he would devote enough time to getting the best result. Should we accept his proposal or shop around? Jo, Sydney Watch: What is Dubai's first-time home ownership scheme? A: I checked online and there appears to be several available units at One by Binghatti starting at just over Dh3.5 million ($953,029), with others at Dh3.6 million, Dh3.8 million, a few at Dh4.5 million and even one at Dh4.8 million. Given the difference in price, I can only assume the view is making a difference. Based on these, I think the right price should be in the region between Dh3.6 million to Dh3.7 million. When the developer still has inventory, it makes it harder to sell an off-plan secondary property because buyers tend to prefer buying as the first sale, so this can be challenging. If you can hold the unit, you will see the most appreciation at the point of handover, so in terms of financing the remaining 60 per cent, this is possible even as a non-resident and you get to apply for the golden visa. Lastly, it isn't illegal for an agent to charge both the buyer and the seller, the norm being 2 per cent from each, as long as all parties are aware and have agreed to it. The agent will be more invested if the fee is 4 per cent rather than 2 per cent and would mean they can also work with other agents and still get the minimum commission of 2 per cent.
Independent Singapore
16-07-2025
- Business
- Independent Singapore
‘We haven't received proper receipts for the deductions': Tenant says landlord kept 30% of deposit without clear justification
SINGAPORE: A frustrated tenant has taken to an online forum after her landlord withheld about 30% of her security deposit at the end of a long-term lease. Posting on the r/askSingapore Reddit forum on Tuesday (Jul 15), the woman shared that she had only received roughly 70% of her deposit back, with the rest allegedly retained for 'repairs.' She explained that more than two weeks had passed since the unit was handed over, but she had yet to receive any receipts or documents to justify the deductions. She also noted that the reasons for withholding the deposit appeared to change over time. At one point, the property agent allegedly claimed the amount was being kept 'just in case' additional problems surfaced. Later on, it was reportedly to 'see how they'd respond.' The tenant added that many of the listed charges seemed to be related to normal 'wear and tear,' which should not typically be deducted under standard rental agreements. She also mentioned that she and her co-tenants had personally carried out a number of minor repairs before moving out, without seeking reimbursement. 'We've tried to resolve this amicably, but it's becoming emotionally draining,' she said. 'Has anyone dealt with something similar? How did you handle it, or get a fair outcome? Appreciate any thoughts or tips.' 'Do read your tenancy agreement.' In the discussion thread, one Singaporean responded, 'Bruh… sounds like they're just taking advantage at this point. You should demand receipts and proof of every single thing they claim needs 'repair.' Pretty sure landlords are legally required to give a full breakdown with receipts within a set time, or they lose the right to deduct anything.' Another advised, 'Do read your tenancy agreement. If I'm not wrong, rental security deposit should be fully refunded upon lease completion, and for moving out renovation should have another deposit which is a small amount (just in case), and 14 days is too long, cause once you hand over the unit, the management should be able to tell if there's any repair work to be done or not.' A third added, 'If you haven't already done so, save all the communication and list the deductions they've mentioned, as well as note down the shifting reasons they gave and any delay in providing receipts. Consider sending a formal, factual email that includes the timeline of events, a request for official receipts/invoices for any deductions, and a firm ask for the return of the remaining deposit within a specific deadline.' What tenants can do if their landlord withholds the security deposit According to Singapore Legal Advice, if a landlord decides to withhold part or all of a tenant's security deposit, the tenant is entitled to ask for a detailed explanation. This includes requesting that the landlord put their reasons in writing and provide relevant supporting documents, such as receipts or invoices for any repair work. If the landlord fails to give a valid justification, the tenant may consider engaging a lawyer to issue a letter of demand. Alternatively, for claims not exceeding S$20,000, the tenant can file a case with the Small Claims Tribunals at a relatively low cost. Read also: 'Not a single cent back': Man says trusted friend never returned S$70k loan after three years Featured image by Depositphotos (for illustration purposes only)
Yahoo
01-07-2025
- Business
- Yahoo
Obligo and AppFolio Launch New Flexible Deposit Alternatives Tailored to Meet the Needs of Today's Renters
The new products are designed to meet diverse preferences and deliver a hyper-personalized deposit experience NEW YORK, July 1, 2025 /PRNewswire/ -- Obligo, the fintech company on a mission to rid renters and property managers from the burden of security deposits and establish a new standard of trust in renting, today announced the launch of Deposit-in-Installments and Reduced Deposit™ with AppFolio, the technology leader powering the future of the real estate industry. With Obligo, renters can choose the security deposit option that best suits their needs directly within their online portal. For AppFolio's property managers, Obligo simplifies deposit management—reducing administrative work and bad debt, helping fill vacancies faster, and ensuring full protection. Flexible deposit options available to renters include: No Deposit – Qualified renters can skip paying a traditional cash deposit entirely. Reduced Deposit – Renters who qualify can opt to pay a portion of their standard deposit amount, providing enhanced financial flexibility. Deposit-in-Installments – Renters can also choose to split payment of a full deposit into installments, making it easier to budget move-ins. Full Deposit – For those who prefer or are required to, paying the entire deposit upfront remains available. "We're proud to launch new, innovative products that bring hyper-personalized deposit solutions to AppFolio's ecosystem," said Roey Dor, CEO of Obligo. "Our vision is for Obligo to become seamlessly embedded in the leasing journey—a trusted, one-stop shop for all things deposit-related." The launch of the new flexible deposit alternatives is the latest innovation in Obligo and AppFolio's integration. Obligo's API-first platform integrates seamlessly within AppFolio, earning recognition for its scalability, security, and flexibility. To learn more about Obligo's deposit solutions, visit About ObligoObligo harnesses financial technology to rid renters and landlords from the burden of security deposits and establish a new standard of trust in renting. As the first security deposit solution utilizing bank-issued Letters of Credit supported by Wells Fargo, Obligo uses Open Banking and AI to qualify renters for personalized security deposit options. Founded in 2018 by brothers Roey Dor and Omri Dor, Obligo is available today in over one million homes across the United States. Media Contact:Keegan St. Onge-MayObligokeegan@ View original content to download multimedia: SOURCE Obligo Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
New York Times
17-05-2025
- Business
- New York Times
How Much Notice Do You Have to Give Your Landlord?
Q: I sublet a market-rate rental apartment in Brooklyn on a month-to-month basis. There is nothing in my sublet agreement with the prime tenant that states how much notice I have to give before I move out. A previous subletter moved out with only a few days' notice, and the prime tenant withheld their security deposit, claiming it had to be used for the uncovered next months' rent. Are they legally able to do that? Am I bound by some law requiring that I give more notice if we haven't agreed upon it? A: Technically, the law does not require that you give the prime tenant, who is also your landlord, a certain amount of notice before you move out. But there is some nuance here. 'If a judge thought it was unfair or inequitable — that there was lack of notice, even if it wasn't legally required — it could bear on the decision,' said David A. Kaminsky, a real estate lawyer in Manhattan. Mr. Kaminsky said he does not agree with those decisions, but sometimes they do happen. Giving notice of a full calendar month is both courteous and a way to protect your security deposit. 'If you wound up in small claims court, it would be helpful to be able to say you have given the landlord sufficient notice as you were able to provide,' he said. Cory L. Weiss, chair of the landlord and tenant practice at Tarter Krinsky & Drogin LLP, agreed that if your deposit were not returned, and you attempted to recover it by suing your landlord, a judge would consider the facts of the case, including your actions. 'The court often rules based on what it believes to be fair and equitable, notwithstanding the black letter law,' Mr. Weiss said. The law states that within 14 days of your departure, your landlord must return the security deposit to you, or give a detailed accounting of how they used it to pay for damages other than reasonable wear and tear. If you feel you've acted in good faith and the landlord tries to keep any portion of your deposit by claiming that you were late in giving notice, then you should consider legal action, said Mr. Kaminsky. 'I suggest taking the prime tenant to court to recover double the amount of deposit wrongfully withheld,' he said.
