NT landlords - document the receipt, lodgement and disposition of security deposits collected from residential tenants with these template Northern Territory Security Deposit Forms.
These Security Deposit Forms are easy to use - just download, fill in and print off. Buy the form once, use it as often as you like.
How much can a landlord charge for a security deposit under Northern Territory law?
The maximum security deposit that a landlord can ask for is the equivalent of 4 weeks' rent. The landlord holds the security deposit in trust for the tenant and must pay it back at the end of the tenancy, provided there are no claims against it for unpaid rent, damage to the premises, damage to or loss of ancillary property, cleaning costs, or other amounts owed to the landlord under the tenancy agreement. If the tenancy agreement does not specify who is to receive interest on the deposit, the interest must be paid to the party entitled to receive the greater part of the security deposit at the end of the tenancy. The exception is if the deposit is held by a real estate agent, in which case the agent retains the interest.
Is the deposit increased if the rent goes up?
If the rent is increased, the landlord may ask the tenant in writing to increase the security deposit. However, the total security deposit held by the landlord must not be greater than 4 weeks' rent. Notice to increase the security deposit can only be issued 2 years after a security deposit was paid or last increased.
When must the landlord return the deposit to the tenant?
The landlord must return the security deposit to the tenant (less any amount they are entitled to retain) within 7 business days of the tenant vacating the premises. The landlord must also give written notice to the tenant setting out how much the landlord wishes to retain and for what reason(s), and attach receipts and other supporting documentation. If the landlord has not returned the deposit to the tenant or made a claim against the deposit within 7 business days of the end of the tenancy, the landlord is required to return the security deposit in full.
The foregoing summary is provided for information purposes only and is not to be considered legal or business advice. The information may not be complete, accurate or applicable for any particular situation and should not be relied upon.
