How Long Does It Usually Take to Get Bond Back - Urban Care

How Long Does It Usually Take to Get Bond Back

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Planning to move to a different house or moving out of your parents’ house requires a lot of awareness and knowledge or information on the process of how things work. Some properties for rent or lease require bonds as an advance payment or security deposit, this is a way for the lessor to protect themselves from lessees that may flake on them. Some lessors use these bonds for cleaning, maintenance, and fixing the property if problems arise.

Factors Delaying the Return of Your Bond

 

Disagreement on the amount

Upon signing the contract, make sure that you and your landlord agree on the same amount of money to be returned to you. This will lessen your landlord’s chances of delaying your refund. Better if you and your landlord have a written agreement on the exact amount of money to be returned.

Claims on the property

After moving out of the rented or leased property, the landlord will check for property damages before returning the money. If there is damage made to the property during your stay, the amount that the owner paid will be reimbursed from the rental bond. Before the owner reimburses the said amount from the bond, he/she shall present a proof of billing to the lessee.

If you receive a notice, you can choose to agree or disagree with the said claims of the owner which as a result will delay the return of your money.

Leaving the property in bad condition

Leaving the property dirty or damaged is another reason for the delay in the return of your money. You are trusted by the landlord and therefore will expect you to show good conduct and take care of his/her property as your own. They will expect to see the same property as before you moved in.

Leaving the property before the actual date of the contract

Leaving the lessor’s property before the agreed contract date could also be a reason for the lessor to not return the renting bond to the lessee. Turning down offers from other people because he/she is expecting you to stay until the agreed date will be a loss for the lessor.

Using the bond as monthly rent

Another factor that will affect the return of your money is if you are not able to pay the monthly due for your property, the lessor has the right to lessen your monthly expenses on the security deposit. Before transferring to a different house, make sure that you are financially ready for that property.

Wrapping Up!

There is no exact date as to when you will receive your money or bond back, so keep these factors in mind before deciding to relocate. These factors will help you get your bond back the soonest possible time or even just speed up the process. Knowing that one of the reasons that your bond might be delayed is property cleanliness, you might want to hire a cleaning service to have it thoroughly checked before leaving the place for good.

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