rental guarantee on
blocked bank account
What is a blocked bank account?
A blocked account is a specific account opened in the tenant’s name in a Belgian bank.
It is used exclusively to deposit the amount of the rental guarantee which remains inaccessible until the end of the lease.
This account is a financial security tool, guaranteeing that the lessor will be able to recover funds in the event of damage or unpaid rent.
How do I open an escrow account for a rental guarantee?
- Choosing a bank: The main Belgian banks offering this service are :
- Opening the account: The account is opened in the tenant’s name. The tenant deposits the amount of the guarantee at once or in instalments. The account is blocked until the end of the lease.
- Signing the guarantee agreement: An official document is signed by the tenant and the landlord, stipulating the conditions for returning the guarantee.
Complete our form to obtain your rental guarantee in just a few hours. You don’t block any money, because we work like a bank rental guarantee.
When and how to claim back the rental guarantee?
Visit release of the rental guarantee takes place at the end of the lease, after the exit inventory. This financial epilogue to the lease contract takes place in different ways, depending on the scenario:
- Agreement between the parties: If no damage or unpaid bills are found, the lessor and lessee sign a document authorizing the bank to release the amount in the blocked account.
- Disputes or unpaid rent: In the event of a dispute between the lessor and the lessee, the amount is frozen until an amicable settlement or court decision is reached.
Deadline for return: In Belgium, the keys must be returned within two months of the date on which they are handed over, which is at the time of signing the the exit inventory of fixtures.
What are the advantages of a blocked account?
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Security of funds: the sum deposited is blocked and can only be used in the event of a dispute validated by both parties.
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Legal guarantee: Funds are protected by the Belgian banking system.
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Transparency: The amount deposited and the terms of repayment are clear and documented.
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No interest: The sum deposited is blocked without interest, unless otherwise agreed.
Blocked account FAQ
No, the escrow account is reserved exclusively for the rental guarantee.
In the event of a dispute, the tenant may refer the matter to the Justice of the Peace.
In principle, yes. However, certain agreements may provide for different clauses.
