Taking a deposit - need to sign a form?

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    Taking a deposit - need to sign a form?

    Hi, I've finally decided to take a deposit after some wise advice from others on this forum, the tenancy agreement states I'll be taking a deposit and how much so will I need to have an additional form signed regarding the deposit? many thanks

    #2
    I usually include a back page on my tenancy agreements covering meter readings for all the utilities on the day the tenancy is signed/started, and a space for how much rent in advance and how much deposit. I also type up a receipt form to give the tenant confirming that I have received 1 month rent in advance and a security deposit, the amounts for each, date received and I sign and get the tenant to sign - give them a copy.

    You then need to protect it (as per the advice given in your previous post here), and send the tenant the prescribed information (usually printed from the deposit scheme website).

    So long as you give them something signed as a receipt to cover the money they are giving you, I don't think it needs to be a specific document. I would also amend your TA to include a clause that you will abide by the laws to protect the tenant's deposit and the name of the scheme you are going to use.

    You need to protect the deposit within 14 days.

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      #3
      Originally posted by LesleyAnne View Post
      You need to protect the deposit within 14 days.
      ...however, there are no sanctions for late protection.

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        #4
        @beth

        The tenancy agreement should specify what are allowable deductions from the deposit, and the amount of the deposit.

        Be sure you get the deposit (and rent in advance) in cleared funds before signing the contract/handing over keys.

        (Also, be sure to get an inventory done at check-in. You can find a clerk via this website:
        http://www.theaiic.co.uk/)

        Then, protect the deposit (the DPS http://www.depositprotection.com/ is probably best for your purposes, as it's free, and you don't need to worry about membership fees, etc). Step two is to provide T with the prescribed information; you can download a template on the DPS's website.

        Note that, while you must give the T the opportunity to sign the prescribed information, it's not essential for T to sign it. More important is to keep a copy and obtain evidence of giving it to them (if they don't sign it).

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