Security Deposit

1. Purpose:

    • The security deposit serves as a financial safeguard against potential damages to the co-living room or common areas beyond normal wear and tear during the resident’s stay.

    2. Amount:

      • The security deposit amount will be specified in the resident’s lease agreement or booking terms.
      • The deposit amount is typically equivalent to 1 times the monthly rent or a fixed amount determined by the management.

      3. Payment:

        • Residents are required to pay the security deposit in full before or upon check-in.
        • Payment methods accepted for the security deposit may include cash, bank transfer, or credit/debit card.

        4. Refund:

          • The security deposit will be refunded to the resident within 14 days of their check-out date, provided that no damages or outstanding charges are identified.
          • Any deductions from the security deposit, if applicable, will be documented and communicated to the resident along with the refund.

          5. Deductions:

            • Deductions from the security deposit may be made for the following reasons:
              • Damages to the co-living room or common areas beyond normal wear and tear.
              • Outstanding rent or utility charges.
              • Any other breaches of the lease agreement or community rules.

            6. Inspection:

              • A thorough inspection of the co-living room and common areas will be conducted upon the resident’s check-out.
              • Any damages or discrepancies will be documented, and the resident will be notified accordingly.

              7. Dispute Resolution:

                • In the event of a dispute regarding the security deposit deductions, residents have the right to request a review and provide evidence to support their case.
                • Disputes will be resolved in accordance with the terms outlined in the lease agreement or booking terms.

                8. Communication:

                  • Residents will be provided with clear information about the security deposit policy prior to booking or moving in.
                  • Any questions or concerns regarding the security deposit can be addressed to the management team.

                  By agreeing to the terms of the security deposit policy, residents acknowledge their responsibility to maintain the co-living room in good condition and adhere to the community rules. This policy helps us uphold the standards of our co-living community and ensure a positive living experience for all residents.

                  This Security Deposit Policy was last updated on 1 April 2024