What is a deposit protection service?
Deposit protection service is a company that provides a service to landlords and tenants. This type of service often holds and manages safety deposits for landlords and their tenants. In some cases, this type of service also provides insurance deposits for the landlord, who would rather leave the deposit instead of imposing it with the service. The Deposit Protection Service often also provides a process of dispute resolution in cases where the lessee and the landlord do not match when the security return.
The laws in many jurisdictions require that the landlords return the security deposits to their tenants in a certain period of time after the lease or the lessee will release the lease. Similar laws stipulate when and how the landlord can deduct money from the security deposit. Such laws often state deadlines for the return of security deposits and provide methods for resolving disputes over the courtroom. Despite such laws, the landlords are not always a return of security deposits in timeor in accordance with local laws. Deposit protection services usually work to ensure that the tenant's deposit is kept safe and returns in time.
The way in which work to protect deposits may differ from service to service. However, many of them maintain accounts in which the tenant is held. This allows the landlord to the safety of knowledge of the deposit is available if the lessee damage the lease property. It also provides the tenant's certainty that his deposit is maintained more safe than to be spent by the landlord. These services usually facilitate the rapid return of the security deposit by the lessee, as soon as the lease contract is over, the lessee released the lease property and any other conditions have been met.
Some deposit protection services provide alternatives to landlords who do not want to place ECITY on the account of this type of service. For example, some offer security insurance instead.In this case, the landlord pays premiums for deposit protection services and maintains a security deposit. If the landlord does not return the deposit, the lessee may apply for his money.
Regardless of whether the landlord decides to place a security deposit on a deposit protection account or simply purchase insurance, tenants and landlords are shifting about disputes. Most deposit protection services provide dispute processes with the aim of helping tenants and landlords who do not agree with the use or release of security. Likewise, these services can disable landlords who do not listen to the rules.