Security Deposit Transfer Agreement: Fill & Download for Free

There are few things must be careful about rental agreement.Rental cycle - Usually rental cycle must be 11 months. Agreement has to renew every 11 months.Lock-in period - Try to get rid of Lock-in periodAnnual rental increment - Usually 5–10% depends on the location and accommodationRent payable : Is rent payable in month end or month beginning. Try to pay month end to control your cash flow.Maintenance and other cost : Is maintenance cost and other cost (water, electricity, tax etc,) includes in rent payable or excludes rent payable to owner.Security deposit: Usually security deposit in Bangalore is 10 months of rent (Eg: Rent is Rs.10,000 then the security deposit is Rs.1,00,000 ) Try to negotiate and pay in 3 or 4 installment to control your cash flow.Is repair, damage cost or structural change borne by tenant or owner?Usually tenant has to bear during tenancy period.Notice period: Usually 1–2 months of notice, Tenant has to inform owner at least 1 or 2 months in advance before vacating house.Renovation cost: Tenant may paint and clean the house after vacating or appropriate cost (1 Month rent or actual renovation cost) detected from security deposit.Get your rental agreement in E-stamp paper and notarize it by lawyer. This helps you to validate your rental agreement as address proof. Notarized agreement is applicable for applying gas connection, Bank application, Employee address proof etc.Prefer transferring your rent and security deposit by wire transfer instead cash. Wire transfer records your transaction and avoid any kind of transnational discrepancy between parties.Avoid brokers to save brokerage of a month rent. Explore your property options on property websites like 99acers, commonfloor, Makaan, magicbrics etc..Advice: Never get into rental deal if you find your landlord is rude or doesn't suit your behavior. Find suitable landlord and stay happy….Our rental agreement service:We do rental agreement and deliver at your doorstep in just 3 steps.Email your draft rental agreement in word format to us [email protected] along with your postal address and mobile numberWe will execute agreement + lawyer notarize + delivered at your doorstepIf you have any other questions pertaining to rental, rental agreement and renovation, Please write to us, we are delighted to answer. We don’t charge for consulting us.Mobile contact: +91–9742479020 (Also available on Whatsapp) or email us : [email protected] you for reading….

A2AInteresting question.There are a lot of ways to view questions like this; I always like to view them as directed graphs, where the answer depends on which of the vertices you pick it up by, like so:(graph, in the process of being picked up by the center dot)Let’s name some of these dots, shall we?Condition when you agreed to rentCondition when you moved inCondition when prior lease (if any) was signedCondition when last lease was signedCondition at time of security depositWe might also pick two of the dots:Best condition, everWorst condition, everNow questions like this are typically asked when there is money involved.Let me take a wild guess: security deposit?And now the tenant wants to pick things up by the dot that gets them their security deposit back, and the landlord wants to pick things up by the dot that lets them keep the security deposit.Am I warm?Here’s what it usually means.Usually, the legal answer for both of you is going to be the agreed upon condition that the property will be in for a security deposit refund, at the time the security deposit is paid.Meaning that if the tenant moved in, lived there for a couple years without a lease, but only with a verbal agreement, but there was a security deposit, then there was an agreement surrounding the security deposit.Usually, this would be “the condition of the property at the time of move-in”.If, on the other hand, the security deposit was paid later, then it’s the agreement of the condition in which the property is to be returned, at the time the security deposit was agreed upon.[EDIT: emphasis added; I wanted to make clear that the agreement could specify a condition other than the current or the initial condition]The lease may have come into being in order to set up a security deposit agreement, in fact, or it may have come into being in order to formalize the arrangement, or some other arrangement thereafter.Ideally, as a landlord, you want a security deposit up front.You want it to apply to the condition at the time of move-in.Sometimes, though, it doesn’t happen until later.Here’s how an after move-in security deposit requirement conversation usually goes:Landlord:Hey Bob; I notice you’ve been letting the place get a little run down. I notice there’s a couple of pretty big dents in the wall that weren’t there when you moved in, the other day when you had me in to fix the sink for you…Tenant:Yeah, the kids got a little rambunctious; I’ll definitely get that fixed…Landlord:About that… I was in a month ago, and I can see from the doorway that they aren’t fixed already; I’m going to have to ask you for a security deposit.This may or may not trigger one or both of you wanting to formalize the rental agreement with a lease.Or the lease may come from a change of ownership. Or from some other event.But it’s pretty clear: the landlord wants the property back in the same condition as it was when you moved in — or they want part or all of the deposit to cover the damages to the property, beyond normal wear-and-tear.Modifying eventsThere are certain events that can modify the condition in which the property must be returned for the tenant to recover the deposit:Normal wear and tear; the tenant can’t be held responsible for thisLandlord responsibility events that change the condition of the property (some types of flooding, outlets going out, etc.); surprisingly, in most jurisdictions: landlords are responsible for replacing light bulbs in fixturesCapital improvements to the property:For example, say there was a light in the dining room, and the landlord at some point during the rental, replaces it with a ceiling fan and a light instead, the tenant hangs christmas decorations from the fan, the motor burns out, and now it’s a dead fan and a light. Light in, light out, right? Nope. Tenant is responsible for the new fan.Carpet gets replaced a month before the tenant decides to call it quits. The original carpet was in “close to needing replaced” condition. New carpet now has a huge wine stain on it at move out. Crappy carpet in, crappy carpet out? Nope. Tenant is responsible for the damage.Sale of the property — this is the interesting oneIt’s actually the new owners responsibility to get the old owner to correct any defects prior to taking possession; whether this means that the old owner brow-beats the tenant into moving hoarded G.I. Joe Action Figures into storage, or the old owner puts a lien on the security deposit (assuming there was one) and patches the holes in the wall, doesn’t matter.Once the new owner signs off on the condition of the property: that’s the baseline condition of the property.Transfer of security deposit from old to new owner is complicated in this case; I’m not going to cover it here.The new owner may require the renter to sign a lease to continue. As part of the conditions of the lease, it may specify returning the property to the condition it was in at the time the tenant moved in. If that’s the case, then the tenant has just obligated themselves retroactively to responsibility for damage/cleaning.Which all boils down to the agreed upon return condition at the time the security deposit was paid.Which means it’s governed by an informal agreement, or it’s governed by the language in the lease, and it may be (retroactively) governed by the language in the lease, if the lease covers that.And whether it’s the tenant asking, or the landlord asking here: this is why you get a lease in place up front, even if it’s your old high school friend. Otherwise things get complicated.

Searching the flat/house is easy in Bangalore, here i have given the holistic description of renting a property. This includes the channels to search property in Bangalore.Step 1.Budget: Decide your budget (rent and security deposit)Step 2. Location: Decide your preferred locations, Prefer close to your office/ institute/ organizationStep 3. search on-line: Search your preferred property from comfort of your home. Try reputed portals like 99acres, commonfloor, magic bricks, makaan quickr and olx etcStep 4. Personal suggestions: Take suggestion from local friends, colleagues, institution teachers and relativesStep 5.Short-list property: Contact the owner by telephone, email or messaging app. Collect the details of property snaps, location, rental, security deposit, year on year appreciation value, rental cycle (Usually 11 months), notice period, renovation cost (Painting & cleaning). If possible demand draft agreement.Step 6. Property visit: On the satisfaction of above collected information. Visit the property and meet owner.Step 7. Finalize property: Finalize the property and demand draft agreement by emailStep 8. Read draft agreement:Read draft agreement carefully and rise if you have any concern. Negotiate rent and security deposit if required.Year on year appreciation is less or equal to 5%, try to avoid exceeding 5%.Keep notice period between 1 - 3 months (depends on your suitability).Keep a eye on renovation cost (Painting and cleaning). Most of property owner quote one or more than a month rent. You can keep the option of renovating on your own if rent is more than Rs.15,000 per month. Renovation cost may not exceed more than 15k if you opt decent paint quality for up to 1500 sq.ft accommodationPossession date and rental address must reflect in draftAdd mode of transaction in draft, Prefer wire transfer instead cash. Cash is prone to betrayalRental payable at month end instead advance.Maintenance, water, electricity charges etc must reflect in draft.Owner bank details must reflect in draft for transferring monthly rent and security depositStep 9. Transaction: Transfer security deposit on-line instead cash. share transaction details to owner by email.Step 10. Agreement sign: Meet the owner. Go through the agreement once again and make sure all the refereed point in step 8 are reflecting including mode of transaction and transaction number. Sign the agreement in all the pages by tenant, owner and witness at last page.You may skip step 9 (Transaction in advance). you can initiate IMPS transfer while agreement sign and you can hand write the transaction details in agreement.Step 11. Collect key: Collect property key as soon as agreement is signed.Step 12: Notarized the agreement: Only notarized agreement are valid as local address proofs. such as applying for gas connection, opening bank account, auto mobile purchase, passport application etc.Suggestion : Never ever rush for signing agreement without understanding the impact of rental clause, if so you may regret during rental termination.ENDIn case you are looking a standard rental draft agreement. Please reach us, we are delighted to share the draft agreement at no cost.We do rental agreement with lawyer notary and deliver at your door step. Please reach us +91–9742479020 (Also available on whats app) or email [email protected] for more details.Thank you for reading…