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.