In rental agreements there exists provision for a landlord to get a deposit or a bond at the start of the tenancy contract. The principal function of the deposit or bond is to serve as security against financial losses incurred by the landlord if a tenant fails to carry out its responsibilities of the contract. The sum of deposit received by the landlord can be a substantial amount. The deposit do not constitute income to the landlord and must be returned to the tenant at the conclusion of the tenancy if the tenant has faithfully performed his or her obligations.

To help remove a variety of the difficulties associated with deposits, many countries have introduced schemes to reduce the misuse of the deposit. In the United Kingdom this is named the Tenancy Deposit Scheme. The Tenancy Deposit Scheme regulates the deposit since it is a legal requirement for a landlord to safeguard the deposit very soon after the landlord has acquired it at the start of the tenancy.

Protection of the deposit can be carried out in two ways. One way is by the landlord passing the deposit amount to a government approved organisation who looks after the money on both parties behalf. The second way is for the landlord to acquire an insurance policy certificate from a government authorized company. With the second way the deposit will be held with the landlord for the entire duration of the tenancy until the tenant has left the property. If the landlord has not returned the deposit at the end of the contract then the tenant can speak to the administrators of the Tenancy Deposit Scheme to claim the money by way of arbitration. Arbitration will look at both sides' cases to see whether there are any feasible reasons for the landlord to withhold the deposit.

Property inventories become significant in deposit dispute situations because these documents can be submitted as written evidence to support their cases. Most often, the burden of proof is for the landlord to present the reason why a deposit should be retained by the landlord. If the reasons are to do with property damage then the relevant document to send is the property inventory. The property inventory is a thoroughly written document signed by the tenant which states the condition and contents of the property when the tenant first moved into the property. The landlord should also submit evidence of the condition of the property at the time the tenant moves out. Any discrepancies in the property at the time the tenant initially moved in and the time the tenant moves out will give a really good indication of how the tenant has or has not taken care of the property. It is important therefore that all landlords should record property inventories before it is rented out as the case for withholding a deposit will be really poor if there is no written account of the starting off condition of the property.

Property inventories can be written by firms who specialise in the documentation of the condition and contents of houses and flats. These same property inventory services providers can also help in the mediation between the landlord and tenant if you have property damage to prevent the necessity to go to arbitration under the Tenancy Deposit Scheme. The wish by the government is for the landlord and tenant to work issues out together before it goes to arbitration and property inventory services businesses do have lot of experience in mediating things before some other devices of resolution are required.

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