Term for repaying security deposit
Hi,
We gave our semi furnished property (in Navi Mumbai) on rent in month of Jun 2023. We executed an Leave and License Registered Agreement for the same on 7th Jun 2023 which had validity of 11 Months i.e. till 7th May 2024.
As requested by tenant in last month, we gave them one month extension without increasing rent or without executing new agreement as it was just for a month. i.e. till 7th Jun 2024.
Now tenant is asking us to do the inspection now and return full deposit amount before they hand over the keys on 7th Jun. We tried to explain them that there are chances that damage can happen while you shift your belongings to other place. And because of the same inspection can happen only after you hand over the keys. We will return the deposit after doing inspection if there is no issue in next 2-3 days.
However tenant is not agreeing the same and telling us that as agreement is over there is no legality involved and we will not hand over the keys before you transfer security deposit in full.
So the questions I have regarding this are :
1. What is the process for returning deposit. Is it before handing over the keys or after owner receives the keys.
2. When we visited our property last time we saw that there were few damages to the furniture we had provided. As agreement period is over do we have to return deposit in full or we still have rights to recover damage amount from deposit.
3. What is the standard period for returning deposit amount. (Its not mentioned in our agreement. Our agreement only states that deposit amount is refundable amount).