28/10/2018
Deposit & Rent
Deposit is used for mutual protection of the Landlord and Tenant.
Typical Deposit is two months worth of agreed upon monthly rental rate. Full amount will be held through out the term of lease contract and will be reimbursed at the end of contract with the applicable deduction based on the unit condition. Full deposit amount is submitted prior to moving to the premises. Deposit will not be used for rental payment.
Rent is on a monthly basis. Upon moving into the apartment first month's rent is due and the move in date will also be used as the monthly date of rental payment. Banking information will be provided in order for tenant to deposit the monthly rent.
For example: Jane & John has agreed to rent the apartment for one year, at the monthly rate of Php 1000 and decided to move in by April 5. Prior to April 5 deposit of Php 2000 is submitted to hold the unit. On April 5 move in date, rent of Php 1000 is due. Then on May 5 another rent payment of Php 1000 and so on. Be aware that on the last month of 1 year contract..meaning 12th month, monthly rental of Php 1000 is still due on the 5th day.