What is Security deposit?
Also known as Deposit sewa
A security deposit is money held by the owner throughout the tenancy as security against damage or unpaid rent. It is not advance rent, and it remains the tenant's money until there is a recorded reason to deduct from it.
Common practice in Malaysia is a security deposit of two months' rent and a utility deposit of half a month, but these are negotiated, not rates set by law. Record the amount, the reason for each deduction, and the date of return.
Related
- Tenancy agreementA tenancy agreement is a written contract between owner and tenant that sets the term, ren…
- Credit noteA credit note is a record of money owed back to a tenant or guest: a deposit to be returne…
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