KEYHOLE SECURE TERMS

Terms and Conditions for the Use of Keyhole Secure

Updated: April 29, 2025



The Short Version
Keyhole Secure is an escrow account for the payment of a rental deposit, ensuring that the landlord is covered for any claims the tenant may be liable for after the termination of the tenancy. The account is blocked and, during the lease period, cannot be accessed by either the landlord or the tenant individually, only jointly. The amount paid into the deposit account shall at all times comply with the provisions of the Tenancy Act.


The Agreement
The deposited amount serves as a security deposit from the tenant to the landlord in accordance with the lease agreement. The terms of this agreement shall at all times be in accordance with the rules in Section 3-5 of the Tenancy Act concerning deposits.

To open an account, both the landlord and the tenant must register as customers with PayProff A/S and complete a KYC/AML (Know Your Customer/Anti-Money Laundering) process. In addition, a signed lease agreement must be submitted.

Costs associated with the establishment of the account are borne by the landlord.


Payment into and Use of the Account
Upon payment into the account, a confirmation will be sent to both the landlord and the tenant. The account may not be used for purposes other than as a security deposit in accordance with the lease agreement.


Regulation, Payment, and Termination
The deposit can be adjusted in accordance with changes in the rent, as stated in the lease agreement.

The landlord and the tenant cannot access the account individually. However, the tenant can demand that accrued interest on the account be paid out to them.

As a general rule, payment of the deposit can only take place if both parties give written consent, or by a legally binding judgment or other legal decision with similar effect.

After the termination of the tenancy, amounts can be paid from the account to the landlord with discharging effect for claims relating to unpaid rent, damage to the property, or other claims arising from the lease agreement – provided that the landlord has sent a written notice of the claim to the tenant, and the tenant does not document having filed a lawsuit within five weeks after the notice was sent.

After the termination of the tenancy, the tenant can demand payment of the deposit. The amount will be paid to the tenant if the landlord does not make a claim or document having filed a lawsuit within five weeks after the notice was sent.


About Keyhole Secure
Keyhole Secure is offered under PayProff A/S's license as a payment institution. The deposited funds are in the tenant's name but serve as security for the landlord. The funds are deposited in a blocked escrow account with Danske Bank A/S and can only be accessed in accordance with Section 3-5 of the Tenancy Act.



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.