Fransam Homes

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Security deposit policy

Security Deposit Policy

Guidelines for booking, inspection, payment, and refunds

To ensure a secure and efficient booking process for both tenants and landlords on our platform, we have implemented a Security Deposit Model. This policy outlines the guidelines for booking, inspection, payment, and refunds.

1 What is the Security Deposit?

The security deposit is a partial upfront payment (10% of total rent) required to reserve a room on our platform. It ensures that:

  • Tenants are serious about their booking.
  • Rooms are held exclusively for confirmed tenants.
  • Inspections are scheduled only for verified bookings.

2 Booking Process

  • Tenants must create an account and complete their profile.
  • To reserve a room, the tenant is required to pay 10% of the total rent as a security deposit.
  • Upon successful payment:
    • The room is marked as reserved and removed from public listings.
    • The tenant can then schedule a virtual or on-site inspection with the landlord.

3 Inspection and Completion

Tenants are required to complete the inspection within 48 hours of making the deposit.

After the inspection:

  • If the tenant is satisfied, the remaining 90% payment must be completed within 24 hours to finalize the rental.
  • If the tenant is not satisfied, a refund will be processed minus a 2% administrative fee.

4 Refund Terms

Refunds will only be issued if:

  • The tenant attends the scheduled inspection and expresses dissatisfaction.
  • The room does not match the details provided on the platform.

The refund amount will be the deposit paid minus 2%, which covers administrative and transaction processing fees.

If the tenant fails to complete the final payment within 24 hours after a successful inspection, the room will be released back to the public, and the deposit will be refunded minus 2%.

No-shows or cancellations without inspection are not eligible for a refund.

5 Important Notes

  • No inspection fee is charged.
  • Tenants are responsible for scheduling their inspection within the specified time frame.
  • This policy is in line with Ghana Rent Control guidelines, ensuring legal compliance and tenant protection.

6 Why We Use This Model

  • To prevent unserious bookings and time-wasting.
  • To protect landlords' and agents' time and property.
  • To offer tenants a fair, secure way to book a room with peace of mind.

By booking a room on our platform, you agree to abide by this Security Deposit Policy.