Definition:
Foregift is a payment that a tenant gives to a landlord prior to the commencement of a lease. It can also indicate an extra fee paid for a lease on top of the usual rent. Historically, tenants often paid a foregift when extending a lease with an ecclesiastical corporation.
Foregift, also referred to as forehand rent, was a historical term used to denote an additional payment made by a tenant for a lease, apart from the regular rent. In medieval times, it was customary for ecclesiastical corporations to demand a foregift from tenants when renewing a lease as a gesture of goodwill. Additionally, tenants sometimes paid rent in advance, which was also considered a form of foregift. These instances exemplify how foregift served as a means for landlords to guarantee the commitment and responsible upkeep of their properties by tenants.
A foregift, also known as a security deposit or key money, is a sum of money paid by a tenant to a landlord before moving into a rental property. It serves as a form of security against any potential damages or unpaid rent during the tenancy.
Whether a foregift is refundable or not depends on the terms agreed upon in the rental agreement. In some cases, the foregift may be fully refundable at the end of the tenancy if there are no damages or outstanding rent. However, it is common for landlords to deduct a portion of the foregift to cover any necessary repairs or unpaid rent.
Generally, a landlord cannot increase the foregift amount once it has been agreed upon and paid by the tenant. However, it is essential to review the terms of the rental agreement to ensure there are no provisions allowing for such increases.
The foregift should only be used by the landlord to cover damages or unpaid rent. It cannot be used for non-damage-related expenses, such as routine maintenance or upgrades to the property.
If a tenant disagrees with the deductions made from the foregift, they can dispute it with the landlord. It is advisable to communicate in writing and provide evidence to support their claim. If the dispute remains unresolved, the tenant may need to seek legal advice or mediation.
A landlord cannot withhold the foregift indefinitely. If there are no damages or unpaid rent, the foregift should be returned to the tenant within a reasonable time after the tenancy ends. The specific timeframe may vary depending on local laws and regulations.
In most cases, a foregift cannot be used as the last month’s rent unless explicitly agreed upon by the landlord. The foregift is typically separate from the monthly rent and serves as a security deposit.
The ability of a landlord to charge interest on the foregift may vary depending on local laws and regulations. Some jurisdictions may require landlords to pay interest on the foregift, while others may not have such requirements. It is important to check the applicable laws in your area.
If the landlord breaches the rental agreement, the tenant may be entitled to recover the foregift. However, this will depend on the specific circumstances and the laws of the jurisdiction. It is advisable to consult with a legal professional to understand the options available in such situations.
If a tenant breaks the lease early, the landlord may have the right to retain a portion or the entire foregift as compensation for the breach. However, the landlord must act in accordance with the terms of the rental agreement and local laws governing security deposits.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 16th April 2024.
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