What is Utility deposit?
Also known as Deposit utiliti
A utility deposit is money paid by the tenant on moving in to cover electricity, water or gas bills that may be outstanding when the tenancy ends. It is separate from the security deposit, and the amount is set in the tenancy agreement, usually based on an estimate of the unit's monthly bills.
When the tenant moves out, the final bills are deducted from this deposit and the balance is returned with a deposit statement. Record the meter readings on the move-in and move-out days.
Related
- Security depositA security deposit is money held by the owner throughout the tenancy as security against d…
- Shared utility billA shared utility bill is a house's electricity, water or internet bill split between sever…
- Tenancy agreementA tenancy agreement is a written contract between owner and tenant that sets the term, ren…
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