Security Deposit
The landlord may request a rental guarantee from the new tenant. This guarantee serves as a safeguard for the landlord, ensuring that they are not left without compensation if the tenant fails to meet their obligations.
What forms can a rental guarantee take?
While other forms of security (such as surety, pledge, etc.) exist, the Brussels Housing Code describes three forms of guarantee:
- Individualised account
An amount equivalent to 2 months' rent is deposited into a blocked account in the tenant's name. The landlord has a "lien upon the assets of this account", meaning they have the right to be paid before other potential creditors. - Bank guarantee
A financial institution guarantees the total amount of the guarantee. The tenant agrees to provide this guarantee through fixed monthly instalments for the duration of the contract (up to a maximum of 3 years). In this case, the guarantee cannot exceed 3 months' rent. - Bank guarantee resulting from a standard contract between the Public Centre for Social Welfare (PCSW) and a financial institution
In this case, the PCSW must apply to the financial institution. Here too, the guarantee cannot exceed an amount equivalent to 3 months' rent.
What happens at the end of the lease?
At the end of the lease, the rental guarantee and any interest are returned to the tenant, provided they have fulfilled all their obligations.
The financial institution can only release the guarantee upon production of:
- a written agreement between the tenant and the landlord, drawn up after the end of the lease. This could be a letter or a special form provided by the bank and signed by both parties;
- or a copy of an enforceable judgement.