A landlord must invest a tenant’s deposit in an interest-bearing account with a financial institution. The tenant may during the period of the lease request the landlord to provide him with written proof of interest on such deposit. If the landlord is an estate agent, the deposit must be invested in terms of Section 32 of the Estate Agency Affairs Act.
Should no amounts be owing by the tenant to the landlord, the deposit must be refunded by the landlord to the tenant within 7 days of the ending of the lease.
Should the landlord deduct amounts from the tenant’s deposit, the balance of the deposit and the interest must be refunded to the tenant by no later than 21 days after the ending of the lease.
These facts are gleaned from Section 5 of the Rental Housing Act.
