DISCLAIMER: Our terms and conditions have been automatically translated for convenience. The original terms and conditions in Danish is the authoritative version. In case of any discrepancies or inconsistencies between the translated version and the original Danish version, the Danish version shall prevail.

Keyhole's terms and conditions for guarantee regarding deposit and prepaid rent

1. Issuance of Guarantee

The guarantee is issued by Nordic Guarantee, a financial partner to Keyhole. Guarantee may be issued by Nordic Guarantee when the Tenant has been registered in Keyhole's system and has requested that a guarantee be provided to the Landlord as security for the Tenant's obligations in connection with vacating the premises in accordance with the Tenancy Act (lejeloven) § 59.

Upon issuing a guarantee, the Tenant waives the 14-day right of withdrawal. All fees and premium payments are non-refundable.

2. Premium, Fee, etc.

In connection with the issuance of the guarantee, Keyhole charges an establishment fee. The amount of the fee is provided when the Tenant requests Keyhole to provide a guarantee.

Once the guarantee is issued, the Tenant pays a monthly premium. The premium is paid in advance. The amount of the premium is provided when the Tenant requests Keyhole to provide a guarantee.

The premium is paid until the tenancy has finally ceased, and all financial transactions between the Tenant and the Landlord have been settled, unless the guarantee has been drawn upon before then. If the guarantee is drawn upon at the end of the tenancy, the payment of the premium continues until the matter that led to the drawing upon the guarantee has been finally settled, and any amounts paid to the Landlord are refunded by the Tenant to Nordic Guarantee. The Tenant is obliged to arrange for automatic payment via Keyhole's solution.

In certain situations according to the provisions of the Tenancy Act (lejeloven), the Landlord is entitled to demand additional deposit. In such cases, Keyhole/Nordic Guarantee will be obliged to increase the guarantee amount to the Landlord. If the guarantee amount is increased, it will result in an increase in the monthly premium payable by the Tenant. The percentage increase in premium will correspond to the increase in the guarantee amount.

Keyhole may adjust/increase the premium due to price changes with three months' notice, provided that if the premium increase is not acceptable to the Tenant, the agreement can be terminated. Such termination is conditional upon the Tenant arranging for the guarantees provided to be replaced by cash deposit/prepaid rent to the Landlord.

Other fees associated with the use of Keyhole are as follows:

Fee Overview

  • Fee for removing Tenant from active guarantee: DKK 395. Requires simultaneous removal of Tenant from lease agreement.
  • Handling fee when drawing on the guarantee: DKK 495. Drawing on the guarantee if vacating claims are not paid within 8 days from being sent to Tenant.
  • Replacement/addition of Tenant on active guarantee: Proportional establishment fee based on number of Tenants on lease agreement after replacement/addition. Establishment fee is defined as 10% of the current monthly rent. However, minimum DKK 450.

3. Tenant's Liability

The Tenant is personally liable to Keyhole/Nordic Guarantee for the following:

  • All obligations assumed by Nordic Guarantee in connection with the issuance of the guarantee.
  • Premiums, fees, etc.
  • Interest on the above amounts.

If the guarantee is issued on behalf of multiple Tenants, they are jointly and severally liable.

4. Interest on Arrears

If overdue amounts are not paid on time, interest will be charged on the overdue amounts in accordance with the provisions of the Interest Act (Renteloven).

5. Tenant's Default

The Tenant's failure to pay fees and premiums constitutes default against Keyhole/Nordic Guarantee. In case of the Tenant's failure to pay, Keyhole/Nordic Guarantee is entitled to:

  • Demand that the guarantee amount be paid by the Tenant for use by Keyhole/Nordic Guarantee for the payment of cash deposit/prepaid rent to the Landlord. Thus, in case of the Tenant's default, Keyhole/Nordic Guarantee seeks as soon as possible to terminate the guarantee by cash payment of deposit/prepaid rent to the Landlord.
  • Impose interest and other charges on any overdue amount in accordance with the provisions of the Interest Act (renteloven).

6. Tenant's Duties in Connection with Vacating

In connection with vacating, the Tenant is obliged to assert their rights against the Landlord to Keyhole/Nordic Guarantee. Thus, the Tenant is obliged to participate in the vacating inspection, which the Landlord summons the Tenant to in connection with vacating.

7. Amendments

Keyhole may unilaterally amend this agreement due to legislative changes. Such changes must be notified three months in advance, if possible.

Other changes may be made by Keyhole with three months' notice, provided that if the changes are not acceptable to the Tenant, the agreement can be terminated. Such termination is conditional upon the Tenant arranging for the guarantees provided to be replaced by cash deposit/prepaid rent to the Landlord.

8. Termination

Keyhole may terminate this agreement with 36 months' notice.

The agreement lapses if the Tenant chooses to pay cash deposit to the Landlord.

9. Disputes/Choice of Law

All disputes between the Tenant and Keyhole/Nordic Guarantee shall be settled in accordance with Danish law by the ordinary Danish courts. If there is a dispute between the Tenant and the Landlord in the ordinary courts, the dispute between the Tenant and Keyhole/Nordic Guarantee shall be dealt with by the same court.

10. Personal Data Processing

In connection with the tenant's desire to enter into a lease agreement and issue a deposit guarantee, Keyhole may exchange necessary personal data with the landlord to ensure effective administration of the guarantee. This may include, but is not limited to, name, contact information, the address of the rental property, and relevant information about the lease agreement.

The exchange of personal data takes place to meet the tenant's needs and ensure that all parties are informed and protected under the lease agreement. Keyhole is committed to processing all personal data, including sensitive information, in accordance with applicable data protection legislation, including GDPR.

We ensure that all information is processed with the highest degree of confidentiality and security, and that data is only exchanged when necessary to meet the requirements arising from the lease agreement.

For further information on how we handle and protect your personal data, please refer to our Privacy Policy.