Security Deposits
A security deposit is an amount of money a tenant pays to a landlord before moving into a rental property. It serves as a financial protection for the landlord against potential damage or unpaid rent. Generally, the deposit is refundable at the end of the lease, provided the property is returned in good condition, minus normal wear and tear. Landlords must follow specific laws regarding the amount they can charge, how it should be stored, and the timeline for returning it after the lease ends. Tenants should understand their rights and responsibilities concerning security deposits.
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A security deposit is a sum of money that a tenant pays to a landlord before moving into a rental property. This deposit acts as a financial safeguard for the landlord against potential damages or unpaid rent. Typically, it is refundable at the end of the lease, provided the property is in good condition and all rent has been paid. The amount can vary but is often equivalent to one month's rent. It's important for tenants to understand the terms related to the deposit, including conditions for its return and any deductions that may apply.