Regulation for deposits in Scotland
Tenancy Deposit Protection became mandatory in Scotland yesterday. The law affects everyone who rents or rents out a property, whether they are landlord or tenant.
It was passed by the Scottish Government last year, and as of this week, requires all new and existing deposits to be lodged with one of three government approved schemes running in Scotland.
Put simply it means all landlords and letting agents in Scotland who ask for a deposit from their tenant, must submit it to one of these schemes.
The new law doesn’t affect people who are live-in landlords or those who rent out a room.
Read the full story at The Press and Journal
RentPro property management software allows you to manage deposits received and record the information of them being lodged.