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What is the purpose of paying a security deposit before commencing a tenancy?

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The security deposit is taken from each tenant before commencement of their tenancy and it is returned at the end of the tenancy provided that there is no outstanding rent, bills or damage to the property which goes beyond normal wear and tear. It’s is to purpose to protect the landlord in the event of any damage done to the property and it can be used to offset the rent arrears which may arise.

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