Deposit Return Policy

Deposit Policy for Richview Flats Residents

Resident(s) will pay Richview Flats a deposit amount, specified on the booking transaction page. This deposit serves to secure the unit and covers potential loss, excess costs, or damages to the unit or premises. Resident(s) may not, without prior written consent from Richview Flats, apply this deposit towards the last month’s rent or any other sum due under the Lease Agreement. After Resident(s) have vacated the premises, returned keys, and provided Richview Flats with a forwarding address, Richview Flats will provide an itemized written statement explaining the reasons for, and the dollar amount of, any part of the deposit retained by Richview Flats, along with a check for any remaining deposit balance.

The deposit will be returned within 21 business days after the end of the stay, provided that all contractual obligations have been met and the Resident(s) has vacated the unit in accordance with the Agreement. Any other outstanding amounts (if applicable) may also be deducted from the deposit before it is returned.

As a policy, Richview Flats prepares units with fresh bed linens and deep cleaning prior to move-in. The Resident must leave the unit in the same condition as it was upon arrival, including replacing fresh bed linens and completing a thorough move-out cleaning. The standard for cleanliness is full readiness for the next Resident. If the Resident fails to meet this obligation, a service charge of up to $150 may be added to the Resident’s account, and Richview Flats may secure this amount before move-out or before signing the lease agreement.

If the Resident(s) fails to take possession of the unit after booking or vacates the premises before the end of the lease term, the deposit will not be returned under any circumstances (except as per the COVID-19 policy). Resident(s) may still be liable for the balance of the rent for the remainder of the term and compliance with other terms of the Lease Agreement (refer to the cancellation and refund policy above).

Lease extensions, whether confirmed in writing or through the signing of a new contract, will be treated as a new booking for the purposes of applying the deposit return policy. Failure to undertake the confirmed extension will result in forfeiture of the deposit.