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.