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Sample Rent Deposit Agreement

Document Type
Microsoft Word (Editable)
Pages
2
Price: KES 200
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Document Overview

A Rent Deposit Agreement is a supporting legal document that sets out how a rent deposit (money paid by the tenant as security) will be held and managed during the term of a lease. It protects both the landlord and tenant by clearly defining rights, obligations, and conditions for refund or deductions.

Key Components of a Rent Deposit Agreement
1. Parties – Names and addresses of the landlord and tenant.
2. Reference to Lease – Links the deposit agreement to the underlying lease.
3. Deposit Amount – The exact sum paid as a deposit, in words and figures.
4. Holding of Deposit – How the landlord will hold the deposit (separate account or otherwise).
5. Use of Deposit – Circumstances under which the landlord can apply the deposit (e.g., unpaid rent, damages, breaches).
6. Replenishment – Requirement for the tenant to top up the deposit if part of it is used.
7.Return of Deposit – Conditions and timelines for refund after lease expiry or termination.
8. Non-Transferability – Clarification that the deposit cannot be treated as rent or transferred by the tenant.
9. Governing Law – Jurisdiction (Kenyan law).
10. Execution – Signatures of landlord, tenant, and witnesses.

Purpose:
1. Ensures the landlord has funds to cover unpaid rent, damage to the property, or other breaches by the tenant.
2. Confirms how much deposit was paid, how it will be safeguarded, and under what conditions it will be refunded.
3. Provides enforceable terms to prevent disputes about deductions, misuse, or delayed return of the deposit.
4. Builds confidence between landlord and tenant by spelling out obligations in writing.
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