Taylor McKenzie News: Apartment Rent in Japan For years, complaints on apartment payment scams has been continuously rampant. Some are valid and agreeable fraud while some are basically ignorance of the economic function of the deposit and key money....
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Taylor McKenzie News: Apartment Rent in Japan For years, complaints on apartment payment scams has been continuously rampant. Some are valid and agreeable fraud while some are basically ignorance of the economic function of the deposit and key money. Understanding their differences has a crucial role to ones awareness and immunity of getting conned. The deposit or shikikin (敷金) is a non-negotiable and refundable expense held in trust by the property owner as an initial part-payment to prevent the landlord from endorsing the property to someone else during an agreed period of time. As the landlord entrusts the tenant, the deposit will cover damages, repairs and other unmet conditions of the lease. On the other hand, key money or reikin (礼金) is a non-refundable fee which is basically an amount that an occupant gifts to the landlord. The practice started after the Kanto earthquake, and most properties are ruined. Since properties are few, giving key money will help the landlord to choose
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