The Security Deposit Agreement Form is a crucial document in Philippine property transactions, used whenever a security deposit is required for a lease or rental arrangement. It serves as a protective mechanism for both landlords and tenants, ensuring clear understanding and proper handling of security deposits in accordance with Philippine law. The agreement must comply with the Civil Code of the Philippines, the Rent Control Act (which limits residential security deposits to two months' rent), and relevant Central Bank regulations. This document typically accompanies a main lease agreement and includes specific provisions for deposit amount, payment terms, allowable deductions, return conditions, and dispute resolution procedures. It's particularly important in both commercial and residential contexts, where security deposits represent significant financial commitments and require careful documentation and handling.
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1. Parties: Identifies and provides full details of the parties entering into the agreement - typically the landlord/property owner and the tenant/depositor
2. Background: Explains the context of the agreement, referring to the main lease or rental agreement this security deposit relates to
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Amount and Payment of Security Deposit: Specifies the exact amount of the security deposit, payment method, and when it must be paid
5. Purpose and Scope: Details what the security deposit can be used for (e.g., damages, unpaid rent, utility bills)
6. Holding of Deposit: Explains how and where the deposit will be held, including any interest-bearing arrangements
7. Conditions for Deduction: Clearly outlines circumstances under which deductions can be made from the deposit
8. Return of Deposit: Specifies the conditions and timeline for returning the deposit after the lease ends
9. Inspection Procedures: Details the property inspection process before and after the lease period
10. Notices: Specifies how and where formal notices between parties should be delivered
11. Governing Law: States that the agreement is governed by Philippine law and references relevant legislation
12. Execution: Formal signing section with spaces for signatures, dates, and witnesses
1. Interest Earnings: Include when the security deposit will be placed in an interest-bearing account and how interest will be handled
2. Bank Details: Include when the deposit must be paid directly to a specific bank account
3. Third-Party Guarantor: Include when there is a guarantor involved in the security deposit arrangement
4. Insurance Requirements: Include when specific insurance policies are required in lieu of or in addition to the security deposit
5. Early Termination Provisions: Include when there are specific conditions for handling the deposit in case of early lease termination
6. Multiple Tenants: Include when multiple tenants are jointly providing the security deposit
7. Dispute Resolution: Include when parties agree to specific dispute resolution procedures or arbitration
1. Schedule 1 - Property Condition Report: Detailed description of the property's condition at the start of the lease
2. Schedule 2 - Inventory List: List of furnishings and fixtures covered by the security deposit
3. Schedule 3 - Payment Details: Bank account details and payment procedures for the security deposit
4. Schedule 4 - Inspection Checklist: Standardized checklist for property inspections
5. Appendix A - Photographs: Documentary evidence of property condition through dated photographs
6. Appendix B - Repair Cost Schedule: Standard costs for common repairs or replacements that may be deducted from the deposit
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