Deposit for the rental property in Cyprus

Депозит на аренду недвижимости на Кипре
4 April 2020 Liza Medvetskaya
6735

Moving to Cyprus for permanent residence is a great adventure! But all happiness can fade as soon as you have to face with searching for housing and settlement of the good relations with a landlord.

It’s not a secret, that when everyone signs a long-term renting agreement for real estate in Cyprus, they should pay a deposit and fee for the first month.

And according to statistics, the deposit is usually becoming a problem in the relationship between the landlord and tenant.

The deposit in Cyprus – is a guarantee money in case of unexpected losses during the rental of real estate. So, it is an amount of money, that intended to compensate for any possible damage that tenant can do to the landlord’s property during his staying in the apartment / house.

The deposit amount is usually equal to one month renting fee. But sometime, according to landlord request, it can be more. The deposit should be paid one time, at the day on signing of the long-term rental agreement.

The deposit is a modern and civilized way to provide a guarantee to the landlord, that the rental housing will be returned to him in good condition.

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Many residents are worried, that they will not be able to get the deposit back. However, you should not forget, that this rules about deposit are fully regulated by the signed Agreement.

Therefore, in order to avoid those unpleasant situations with the returning of deposit, every tenant should do the following before signing the rental Agreement:

  • Include an information about making and returning deposit
  • Sign an acceptance certificate with detailed list of things, in what quantity and condition everything in the apartment / house
  • Check and write down the data of electricity and water meters at the same time of arrival in a new home

And those simple steps will certainly help you to avoid any conflicts between you and landlord in the future.

The landlord has the rights not the return the deposit back in the following cases:

  • in case of damage of property. The deposit will be used as a compensation for damaged furniture, appliances and etc.
  • in case of delay in payments for the rent for one ore several months. The deposit will be used to pay the debt.
  • in case of debts for utility bills. The deposit will be used to pay off unpaid bills for electricity, water, garbage collection and etc. (in case, if the contracts for utility services were not changed on the tenant name).
  • in case of early termination of the Agreement by the tenant request. In this case, the deposit serves like a compensation for the inconvenience to landlord. Because he should spend some time for looking for a new tenant and the property will be empty.

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The deposit must be returned to the tenant in full amount, after expiration date of the Agreement, if he has not debts, and rented housing and all things are in satisfactory condition.

In case, of compensation for damage for not the full amount of the deposit, the landlord should return the balance of funds to the tenant. If the deposit amount is not enough to cover the damage, the tenant must pay the difference, considering the previously made funds.

Also, the deposit can be used for paying the last month for renting of housing by the agreement with landlord.

Source: DOM Live

Ellie Ginger
Ellie Ginger
5 April 2020 13:43
Recently, most are asking for 2 deposits in advance. Each is equal to a monthly payment for housing.
Kirill Ravchenko
Kirill Ravchenko
6 April 2020 17:55
They ask for one deposit, but 2-month rentals (for the first and last month of stay).By the way, the size of the deposit in Cyprus is not necessarily equal to one monthly payment.
Ellie Ginger
Ellie Ginger
8 April 2020 2:03
There was a time when they asked for 3 deposits. And for commercial real estate of an empty room - 6. At the same time, this deposit could not be used to pay rent. And only get it back, at the end of the contract. And that 's not a fact )
Kirill Ravchenko
Kirill Ravchenko
8 April 2020 19:56
Yes, there are still weirdos who ask for 6-12 months of payment in advance)
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