{"id":10438,"date":"2019-07-24T10:00:21","date_gmt":"2019-07-24T15:00:21","guid":{"rendered":"https:\/\/quadranslawandfinance.com\/?p=10438"},"modified":"2019-07-22T16:31:50","modified_gmt":"2019-07-22T21:31:50","slug":"what-is-a-security-deposit","status":"publish","type":"post","link":"https:\/\/quadranslawandfinance.com\/en\/blog\/what-is-a-security-deposit\/","title":{"rendered":"What is a security deposit?"},"content":{"rendered":"<p><span style=\"color: #000000;\">When an individual rents a house, a contract is settled in which both the proprietary and the tenant agree on the current conditions of the property. It includes a brief description of everything it does and does not include, thus guaranteeing a healthy coexistence prior, during, and at the end of the contract.<\/span><\/p>\n<h3 style=\"text-align: center;\"><span style=\"color: #000000;\"><em>A security deposit is that which is used in house rental.<\/em><\/span><\/h3>\n<p><span style=\"color: #000000;\">Security deposits are considered a debt, thus they do not generate any Value Added Tax (IVA). They are also not considered as income, therefore they do not produce income taxes (ISR).<\/span><\/p>\n<h2><span style=\"color: #000000;\"><strong>How does a security deposit work?<\/strong><\/span><\/h2>\n<p><span style=\"color: #000000;\">The tenant grants the proprietary a given amount of money, usually amounting to the total value of one month of rent. This is provided as a warranty concept for any potential damage or debt related to the property being rented.<\/span><\/p>\n<p><span style=\"color: #000000;\">In most of the cases, this deposit is devolved to the tenant once the contract concludes. However, there are certain situations that may excuse the proprietary to withhold the deposit and use it.<\/span><\/p>\n<h2><span style=\"color: #000000;\"><strong>Frequent motives for deposit loss:<\/strong><\/span><\/h2>\n<ul>\n<li><span style=\"color: #000000;\">Failing to return the property as stipulated in the contract. Rather, it is devolved with greater damages or defective services.<\/span><\/li>\n<li><span style=\"color: #000000;\">Physical deteriorations caused by regular use, such as worn out paint, or structural fractures caused by situations beyond the tenant\u2019s control, including natural disasters or decayed water, gas, and electric installations.<\/span><\/li>\n<li><span style=\"color: #000000;\">Damages caused by the tenant, including broken windows, doors, or floors, excess dirt, or improper use of installations.<\/span><\/li>\n<li><span style=\"color: #000000;\">Carrying out modifications without consent. The deposit is therefore used to make the necessary reparations, or even claim compensation for damages.<\/span><\/li>\n<\/ul>\n<p><span style=\"color: #000000;\">Once the contract is terminated, the proprietary has a deadline of up to 60 days to verify that the property is returned in adequate conditions, and that no debts or other irregularities are still in existence. In the case that damages have been made, the deposit can be used in the benefit of the property, or otherwise be returned.<\/span><\/p>\n<p><span style=\"color: #000000;\">In<\/span> <span style=\"color: #000000;\"><strong>QuAdrans law and finance <\/strong>we offer the real estate service to help you carry out the security deposit. Our real estate advisors will guide you throughout all procedures you require.<\/span><\/p>\n<h4 style=\"text-align: center;\"><span style=\"color: #000000;\">Legal and Accounting Consulting in Playa del Carmen<\/span><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>When an individual rents a house, a contract is settled in which both the proprietary and the tenant agree on the current conditions of the property. It includes a brief description of everything it does and does not include, thus guaranteeing a healthy coexistence prior, during, and at the end of the contract. A security [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":10436,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[],"class_list":["post-10438","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is a security deposit? - QuAdrans law and finance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/quadranslawandfinance.com\/en\/blog\/what-is-a-security-deposit\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"What is a security deposit? - QuAdrans law and finance\" \/>\n<meta name=\"twitter:description\" content=\"When an individual rents a house, a contract is settled in which both the proprietary and the tenant agree on the current conditions of the property. It includes a brief description of everything it does and does not include, thus guaranteeing a healthy coexistence prior, during, and at the end of the contract. 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