Home Improvement

What is Rental Deposit and Ways to Get it Back

While renting a property every owner of the property will take some money from the leaser as a deposit. The same is applicable while renting a property in Malta as well. While renting out their property they will prefer to have a fixed sum of money paid to their account through secured transactions made by the lease holder.

What is a rental deposit?

It is amount of money paid by the new tenant to the property owner as an additional to the first month rent. The amount is decided mostly by the landlord, however mostly it is negotiable. Anyway, the amount is sure to be paid in advance while finalising the deal of leasing the property. The amount is refundable and given back when you leave the property.

In Malta the State rules doesn’t imply in calculating the deposit amount. While deciding property to let in Malta the proprietor usually asks money equal to one- or two-month’s rent.

The reasons behind paying the rental deposit:

  • It is actually a security deposit working in favour of landlord. It helps them to be financially secured if the tenant causes damage to the property or fails to pay the rent as per stated in the leasing agreement.
  • While the lease ends and if some amount isn’t paid by the tenant as per the rental contract, the landlord has full rights to deduct money from the security deposit and give the balance amount to the rent holder.

Whether the renter will get back the security deposit?

While making the rental contract it is stated that the security deposit money will be paid back while the tenant leaves the property. However, there may be deduction of the property is damaged due to tenants or they haven’t paid rent.

To know more about the rental deposit payment, you can best ask a Malta real estate agent to guide you. He can also help you in finding a good rental place for you to settle down in the beautiful island country.

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