The Rental Deposit Agreement is essential for residential tenancies in England and Wales where a security deposit is taken from a tenant. It ensures compliance with mandatory deposit protection requirements under the Housing Act 2004 and deposit cap restrictions under the Tenant Fees Act 2019. This document should be used whenever a deposit is taken at the start of a tenancy, providing clear terms for deposit protection, management, and return. It includes crucial information about the chosen deposit protection scheme, circumstances for deductions, and the process for deposit return at tenancy end.
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1. Parties: Details of landlord/agent and tenant
2. Background: Context of the deposit arrangement and related tenancy
3. Definitions: Key terms used in the agreement including 'Deposit', 'Property', 'Tenancy Agreement', and 'Scheme'
4. Deposit Amount: Specification of deposit sum and payment terms, ensuring compliance with Tenant Fees Act 2019 caps
5. Protection Scheme: Details of the authorized scheme protecting the deposit and statutory timelines for protection
6. Return of Deposit: Conditions and process for deposit return, including timeframes and procedures
7. Deductions: Circumstances allowing deposit deductions and the process for claiming deductions
8. Governing Law: Specification that the agreement is governed by the laws of England and Wales
1. Interest: Terms for any interest earned on deposit when held in custodial schemes
2. Multiple Tenants: Provisions for joint tenancies including deposit return arrangements between multiple tenants
3. Alternative Dispute Resolution: Additional dispute resolution procedures beyond statutory scheme provisions
1. Schedule 1 - Prescribed Information: Statutory information required under The Housing (Tenancy Deposits) (Prescribed Information) Order 2007
2. Schedule 2 - Property Inventory: Reference to or inclusion of property condition record for deposit deduction purposes
3. Schedule 3 - Scheme Terms: Terms and conditions of the specific deposit protection scheme being used
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