To finalize the lease a calculated security deposit is paid into an interest bearing trust account, as stipulated by the EAAB. This deposit will be refunded after lease expired, minus the cost of tenant inflicted damages if any.
Remember that a complete check is done, inventory list completed and photos taken when a tenant takes occupation of a unit. The tenant still gets a “fault list” to be completed and returned to the office within 7 days to make sure no problem areas have been overseen. When a tenant’s lease expires another walk-through check is done, photos taken and inventory list completed. This safeguards the tenant and the landlord, and the tenant can only be held liable and be billed for tenant inflicted damage and usage.