Security Deposit Policy
Residents are required to submit a security deposit to Pearson, the specific amount of which will be outlined in the booking transaction details. This security deposit serves the purpose of safeguarding the room and covering any potential losses, excessive costs, or damages incurred by the Lessor or to the premises. Residents are not permitted, without obtaining prior written consent from the Lessor, to apply this security deposit towards their final rent payment or any other outstanding sums owed under this Agreement.
Upon vacating the premises, returning the keys, and providing the Lessor with a forwarding address, Residents will receive a detailed written statement from the Lessor explaining the reasons for retaining any portion of the security deposit and specifying the dollar amount of such retention. Alongside this statement, Residents will receive a check for any remaining balance of the deposit. When returning the security deposit, a minimum mandatory deduction of $800 will be applied, covering costs such as the bedding package fee ($100) and move-out cleaning service ($180).
The security deposit will be refunded within 7 business days following the end date of the stay, provided that all contractual obligations have been fulfilled and that Residents have ceased using the unit in accordance with the terms of the Agreement. Any other outstanding amounts (if applicable) may also be subtracted from the security deposit before it is returned.
