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Question Title: Deposit Monies
| Question: 213 |
| Do I have to pay the tenant interest on the dilapidation deposit that I hold ?
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| Answer: |
| Unless there is an agreement which specifies otherwise, the agent has no legal obligation to pay interest to the tenant on any deposit that he may be holding. You may note however, that the RICS Code of Practice says that interest would normally be paid to the tenant at the end of the term unless it has been made clear or otherwise agreed in writing prior to the tenancy that the agent may retain this interest. [From April 2007 the Tenancy Deposit Scheme will apply]
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References:
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Pages:
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Hyperlinks:
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Letting Handbook |
Chapter 10 |
letting-handbook-and-factsheets.html
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For more information, discuss on the Forum
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