The Security Deposit Form is an essential document in Saudi Arabian property transactions, used whenever a security deposit is required as part of a lease agreement. It serves to protect the interests of both landlords and tenants by clearly documenting the terms of the deposit, its handling, and conditions for its return. The document must comply with Saudi Arabian civil law, including Royal Decree No. M/61 (Saudi Tenancy Law) and relevant SAMA regulations, while adhering to Sharia principles regarding financial transactions. This form typically includes detailed information about the property, parties involved, deposit amount, payment terms, conditions for deductions, and return procedures. It's particularly important in the Saudi Arabian context where real estate transactions must balance modern commercial practices with traditional Islamic financial principles.
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1. Parties: Identification of the landlord/property owner and tenant, including full legal names, national ID numbers, and contact information
2. Background: Brief context about the rental agreement this security deposit relates to, including property address and lease reference
3. Definitions: Key terms used in the document, including 'Security Deposit', 'Property', 'Lease Agreement', and other relevant terms
4. Deposit Amount: Specification of the security deposit amount in Saudi Riyals (both in numbers and words)
5. Payment Terms: Details of how and when the security deposit must be paid, including acceptable payment methods
6. Purpose of Deposit: Explanation of what the security deposit covers (e.g., damage to property, unpaid rent, etc.)
7. Deposit Holding Terms: Details of how the deposit will be held and any applicable Sharia-compliant terms regarding its maintenance
8. Conditions for Deductions: Clear listing of circumstances under which deductions may be made from the deposit
9. Return of Deposit: Terms and timeline for the return of the security deposit, including inspection procedures
10. Signatures: Space for dated signatures of all parties and witnesses
1. Interest/Investment Terms: Sharia-compliant terms regarding any investment of the deposit amount (if applicable and agreed)
2. Property Inspection Protocol: Detailed procedure for property inspection before and after tenancy, if not covered in main lease agreement
3. Third-Party Guarantee: Terms relating to any third-party guarantor of the security deposit
4. Insurance Requirements: Additional insurance requirements related to the security deposit, if any
5. Dispute Resolution: Specific procedures for resolving disputes about the security deposit, if different from main lease agreement
6. Electronic Transaction Terms: Terms specific to electronic payment and documentation, if applicable
1. Schedule A - Property Condition Report: Detailed documentation of property condition at the start of tenancy
2. Schedule B - Payment Receipt: Official receipt for the security deposit payment
3. Schedule C - Bank Details: Banking information for deposit payment and return
4. Schedule D - Inspection Checklist: Standardized checklist for property inspection
5. Appendix 1 - Calculation Method: Explanation of how deductions will be calculated for different types of damages or violations
6. Appendix 2 - Required Documentation: List of documents required for deposit return process
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