When renting a home, most owners have two common concerns: that the tenant pay the rent on time and that they keep the home in good condition. So that both anxieties can disappear in a very efficient way as the rental contract distinguishes the figures of “fianza” and “deposito”.
It is very common to confuse or not be clear about the function of each figure, because although their purposes are the same, each one works differently and it is convenient to know the differences.
Differences between fianza (bond) and deposit (depósito)
Although both, bond and deposit, serve to protect the owner to meet compensation and non-payment or any repair or damage, the deposit covers even more in the event of non-compliance with the term of the contract.
Mandatory
While the “fianza” is mandatory (1 month for housing and 2 months for other types of leases), the “deposito” is optional and additional.
Custody
The “fianza” must be deposited at the IVIMA (Community of Madrid). The deposit is kept and guarded by the owner or lessor.
Amount
As a “fianza”, one monthly payment must be paid for regular housing rentals and two for use other than housing.
The amount of the deposit will be the one agreed upon by both parties, without a minimum or maximum being established.
Although both, bond and deposit, serve to protect the owner to meet compensation and non-payment or any repair or damage, the deposit covers even more in the event of non-compliance with the term of the contract.
Tenant Tips
Before signing a rental contract, we recommend that you read it carefully so that you know very well what clauses it contains; its validity, the amount of the monthly rent, the expenses corresponding to lessor and lessee, among others. If you have any doubt, do not sign it until it is resolved.
You also have to learn the most about a property maintenance.
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