Tenants shall pay two months rent as a deposit as follow:
- One month upon signing the letter of offer and tenancy agreement
- One month 10 days minimum before the lease starts.
The deposit will be held by LMB Housing Services as security for the duration of the lease.
The second month Security Deposit will be used to offset the last month rental, hence the tenant will not have to make any payment for his/her last month rent as it will be deducted from the deposit.
Refund of the security deposit is subject to the satisfactory handover and inspection of the property on the day of departure, and the actual utility consumption. The security deposit will be refunded maximum one month from the date of expiry of the lease. This delay is necessary to account for the real utility consumption as detailed on the utility bills from the utility provider.
LMB Housing Services reserves the right to deduct any amount from the deposit to cover the costs of returning the flat and/or its equipments to it (their) condition when the tenant moved in (excluding fair wear and tear).
In case of damages to the condominium premises or common equipments and if it has been demonstrated that these damages have been caused by the Tenant(s) or one of the occupants of the flat, LMB Housing Services will also deduct the amounts corresponding to the costs of repair and/or replacement caused by these damages from the deposit.
If the amount of the deposit is not sufficient to cover these costs, the Tenant will still be liable for these costs and LMB Housing Services will have the right to take all necessary actions to recover these costs.
