Property in Spain | Real estate Spanish-English glossary | Deposit on rental contract: Fianza
Fianza:Paying a deposit is a form of guarantee to show that a promise or obligation will be fulfilled.
In a letting contract the deposit is the amount of money the tenant needs to pay the landlord as a guarantee that they will abide by the contract. The deposit is paid back to the tenant at the end of a letting contract unless the tenant has broken the terms of the contract or used as the final month's rent.
The law for urban lettings stipulates that deposits should be kept to a minimum, usually equivalent to one month´s rent. The tenant is obliged by law to pay the deposit which is only returnable at the end of the letting contract.
Landlords are also allowed to ask for other types of guarantees such as personal references, bank references etc.
Deposits are regulated by the law for urban lettings (LAU) under article 36.
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