property that a bond is paid. The bond is typically one month;s rent.
When the tenant moves out the bond money is returned.
The bond is a type of insurance for the landlord.
If the tenant has damaged something owned by the landlord,
the landlord may keep part or all of the bond to cover the costs
of fixing whatever was damaged.
It all sounds very nice in theory, but how well does it work?
Where I come from at least, the bond money needs to be sent to the
government Bond Authority for safe keeping.
It seems a lot of landlords are either unaware of this or deliberately
ignore this process. They either spend or invest the bond money when
they receive it. When the tenant moves out, the bond money can be repaid
from rent paid.
At best, it is treated like an interest free loan
from the tenant. at worst, it is treated like a gift.
Landlords may use lame excuses to keep some or all of the bond money.
As Judge Judy says, bond money is not meant to cover ordinary maintenance of
normal wear and tear. One of the worst cases was when the tenant, a young woman, died.
The landlord refused to return her bond to her parents.
Dear Landlords, bond money is not your money. It is the tenant's money.
Please send it to the Bond Authority.
If you are a tenant, make sure your landlord does this.
If they don't they risk being fined.
