Landlords & Deposits

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philthom

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Quick question: what is a landlord's duty regarding return of deposit? Should he return only the nominal deposit amount? Or the deposit plus interest acrued?
 
Deposit must be invested in a interest bearing account. You get Deposit + interest back.
 
My last mistake was paying the last months rent, tell them to take it out of your deposit.
 
from what I recall: (could be wrong)

in the past landlords didn't pay interest.

Then came the CPA & said they must. This however is only applicable to leases signed after the CPA started earlier this year.
All contracts signed before are not subject to the CPA....
 
JIMMYtheSKULL said:
My last mistake was paying the last months rent, tell them to take it out of your deposit.
Click to expand...

This is unlawful, a landlord is not legally allowed to do this.

Yes a deposit should be placed in an interest bearing account, you should get interest too.
 
lordrage said:
This is unlawful, a landlord is not legally allowed to do this.

Yes a deposit should be placed in an interest bearing account, you should get interest too.
Click to expand...
If it is likely the landlord will not pay up because he's a skelm, then just make excuses until its the end of the contract and tell him u square. What can he do?
 
Lounger said:
If it is likely the landlord will not pay up because he's a skelm, then just make excuses until its the end of the contract and tell him u square. What can he do?
Click to expand...

Why would you wanna do that?
You're getting jerked out of your money?
An inspection has to be done prior to moving in and when you (the tenant) moves out.
Upon inspection, dependant on any damages that you and the landlord agree upon needs to be fixed (deducted from the deposit) the balance should then be paid to you.

If any landlord gives you kuk, take them to a Rental Housing Tribunal near you.
I speak from experience, it works and its free.

Cape Town details: http://www.westerncape.gov.za/eng/directories/public_entities/4200/10906

Dunno how many times I've posted these details here on these forums...:rolleyes:
 
You have to pay the deposit plus interest back less any money owed for repairs, outstanding rent, electricity or any other money due.

JIMMYtheSKULL said:
My last mistake was paying the last months rent, tell them to take it out of your deposit.
Click to expand...
I hope if you ever do this you get reported to the credit bureaux and have your ass sued.

lordrage said:
This is unlawful, a landlord is not legally allowed to do this.

Yes a deposit should be placed in an interest bearing account, you should get interest too.
Click to expand...
Definitely, the interest must be paid. The law relating to renting makes this quite clear. The landlord is however completely entitled to use the deposit to cover unpaid rent, electricity etc. The tenant is the one contractually not allowed to use the deposit in lieu of paying the rent.

Venomous said:
from what I recall: (could be wrong)

in the past landlords didn't pay interest.

Then came the CPA & said they must. This however is only applicable to leases signed after the CPA started earlier this year.
All contracts signed before are not subject to the CPA....
Click to expand...
It has absolutely nothing to do with the CPA. The past you're talking about is many, many years ago.

And once again, the CPA only applies to renting if it is your business.
 
noxibox said:
You have to pay the deposit plus interest back less any money owed for repairs, outstanding rent, electricity or any other money due.


I hope if you ever do this you get reported to the credit bureaux and have your ass sued.


Definitely, the interest must be paid. The law relating to renting makes this quite clear. The landlord is however completely entitled to use the deposit to cover unpaid rent, electricity etc. The tenant is the one contractually not allowed to use the deposit in lieu of paying the rent.


It has absolutely nothing to do with the CPA. The past you're talking about is many, many years ago.

And once again, the CPA only applies to renting if it is your business.
Click to expand...
Lol,

that was what I recall my parents saying. Personally I've only rented a granny flat from people I know. That was for about a year. They & I knew I would move out once I found a place to buy. Then we all looked, advertised.... Til we found others that could move in when I moved. So there was no deposit or contract.
 
JIMMYtheSKULL said:
My last mistake was paying the last months rent, tell them to take it out of your deposit.
Click to expand...

Don't think you can actually do that, unless prior arrangements from the landlord or rental agency are made but generally you cannot use the deposit as the last months rent.
 
Shake&Bake said:
Why would you wanna do that?
You're getting jerked out of your money?
An inspection has to be done prior to moving in and when you (the tenant) moves out.
Upon inspection, dependant on any damages that you and the landlord agree upon needs to be fixed (deducted from the deposit) the balance should then be paid to you.

If any landlord gives you kuk, take them to a Rental Housing Tribunal near you.
I speak from experience, it works and its free.

Cape Town details: http://www.westerncape.gov.za/eng/directories/public_entities/4200/10906

Dunno how many times I've posted these details here on these forums...:rolleyes:
Click to expand...
I know how it should work, but inevitably a landlord wants to keep the money and has some excuse ready. Be prepared.
 
noxibox said:
I hope if you ever do this you get reported to the credit bureaux and have your ass sued.
.
Click to expand...

My last landlord screwewd me out of 4.5k deposit, the only damages to the flat was chipwood doors on a closet that came off. I paid them 200k rent in the 6 years i stayed there..... Thats plain ****ing greedy if you ask me.
 
I credit the tenant with the interest accrued from the last year's deposit if he renews the lease for another year. That makes them think they are getting something back. Nowadays you only need to pay a nominal 3%-4% since that is all you get from most small capital savings accounts.
 
chrisc4290 said:
I credit the tenant with the interest accrued from the last year's deposit if he renews the lease for another year. That makes them think they are getting something back. Nowadays you only need to pay a nominal 3%-4% since that is all you get from most small capital savings accounts.
Click to expand...
It has to go into a deposit account.
 
It depends on the contract that you sign. It was always stipulated that the deposit must go into an interest bearing account.
 
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