The Damage Deposit Form is a essential document in Philippine property rental transactions, designed to protect the interests of both property owners and tenants. It is typically used at the commencement of a lease agreement when a security deposit is provided by the tenant. The form must comply with Philippine legislation, particularly the Rent Control Act of 2009, which regulates deposit amounts and handling procedures. The document includes detailed information about the property, parties involved, deposit amount, conditions for return, and potential deductions. It should be used whenever a damage deposit is collected for residential or commercial property rentals in the Philippines, and serves as a critical reference document in case of disputes about property damage or deposit returns.
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1. Parties: Identification and complete details of the landlord/property manager and tenant, including full names, addresses, and contact information
2. Property Details: Complete description and address of the property for which the damage deposit is being collected
3. Deposit Amount: Specific amount of the damage deposit, payment method, and date of payment
4. Purpose of Deposit: Clear statement of what the deposit covers (e.g., potential damage, unpaid utilities, etc.)
5. Conditions for Return: Detailed conditions that must be met for the full return of the deposit
6. Deduction Terms: Specific circumstances under which deductions may be made from the deposit
7. Return Timeline: Specified period within which the deposit must be returned after tenancy ends
8. Signatures: Space for dated signatures of all parties
1. Interest on Deposit: Section specifying if and how interest on the deposit will be handled, required if the deposit will be placed in an interest-bearing account
2. Inspection Procedures: Detailed procedures for move-in and move-out inspections, recommended for properties with significant furnishings or expensive fixtures
3. Dispute Resolution: Procedures for resolving disagreements about deposit deductions, recommended for high-value deposits
4. Bank Details: Information about where the deposit will be held, required if using a dedicated deposit account
1. Property Condition Checklist: Detailed checklist documenting the condition of the property and any existing damage at the start of tenancy
2. Photographic Evidence: Dated photographs of the property condition, attached as supporting documentation
3. Inventory List: Detailed list of any furnishings or items included in the property and their condition
4. Receipt of Payment: Copy of the official receipt for the damage deposit payment
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