A deposit is when one party (hereinafter referred to as the depositor) delivers to the other party (hereinafter referred to as the deposit recipient) a sum of money or precious metals, gemstones or other valuables (hereinafter referred to as the deposited property) for a period of time to secure the conclusion or performance of a contract.
In case the contract is signed and performed, the deposit shall be returned to the depositor or deducted to fulfill the payment obligation; if the depositor refuses to sign or perform the contract, the deposit shall belong to the deposit recipient; if the deposit recipient refuses to sign or perform the contract, the deposit shall be returned to the depositor and an amount of money equivalent to the value of the deposit, unless otherwise agreed.
Thus, based on the above provisions, a rental deposit is when one party gives the other party a sum of money or precious metals, gemstones or other valuables for a period of time to ensure the conclusion or performance of a rental contract.
In case the depositor refuses to enter into or perform the contract, the deposited property belongs to the deposit recipient. In case the deposit recipient refuses to enter into the contract, the deposit must be returned.
Therefore, in case of paying a deposit for rent but not moving in and refusing to sign or perform the contract, the deposit will not be refunded if the tenant refuses to sign the contract, unless otherwise agreed.
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