security deposits protect the landlord if the tenant fails to pay rent or causes damage to the rental premises beyond normal wear and tear. a renter can not choose to pay rent with any portion of that deposit.
only if that is agreeable with landlord. A lease agreement without a lease is a verbal lease. Your last month's rent is not a security deposit.
Yes you can if you pay up to 6 or 12 montths of rent in advance, or a really good deposit! But you have to check with the landlord first!
No. Your last month's rent is that: your last month's rent. The landlord must allow you to stay in your apartment for the last month and not use that money for any other reason. If the landlord collected a security deposit then he can use it to repair his unit: IF you are the one who damaged it outside the realm of normal wear and tear. He cannot use your security deposit as your last month's rent unless you agree to it.
The abbreviation Sec Dep means security deposit. OAC means on approved credit. So, when you put the terms together is means that s security deposit would be required once your credit is approved to rent the apartment.
Yes it is legal to ask for first, last and security in Rhode Island. Page 5 of The Rhode Island Landlord-Tenant Handbook issued by the State, states that, "A landlord can take a security deposit from a tenant at the beginning of a new rental term but it cannot exceed one month's rent." and "Separate amounts of money can be requested from a new tenant for prepaid rents, etc." You can view the handbook (right click to download the pdf) on the link below. We will be doing this from now on after a long-term tenant used his security deposit to pay his last month's rent. While the apartment was fortunately in good shape, it could have been an expensive lesson if he'd trashed it and skipped out on the last month's rent. Collecting last month's protects the security deposit and ensures that the rent will be paid once they've notified you of their intentions to move out. Since paying all three fees (first, last, security) at once can be a huge financial hit, you may want to have them pay one of the fees in installments over several months.
The landlord has a right to ask for the security deposit to be increased when the monthly rent goes up.
Yes, I believe so. The security deposit is limited to 2 month's rent which is pretty much what you are asking about.
The first month's rent pays for your first month in the apartment. You will owe the agreed-upon rent to the landlord the second month. I can't see why anything would be prorated--your security deposit cannot be used for rent.
To move into a dwelling, the landlord is going to generally ask you for the first month's rent, a security deposit, and often times the last months rent. Every state has its own rules about this and you should check with it. In South Carolina and Florida your security deposit may not exceed one month's rent. And in both states that security deposit may not be used as rent unless you and the landlord mutually agree.
The first and last rule generally means that when you move-in you are required to pay your first month rent and your last month's rent. A security deposit may also be charged. But oftentimes your landlord will work with you in making security or last month's rent deposits. The difference between last month rent and a security deposit, both which can equal the same amount, is that the last month rent is used to apply to your last month of rent, while the security deposit is refunded to you provided you leave the apartment in good condition minus reasonable wear and tear. Your security deposit is generally not applied towards your last month's rent, especially if you did pay a last month's rent in advance.
When you rent an apartment the first and last month's rent is required plus security deposit of several hundred dollars. It can cost as much as 1500-2500 dollars to rent an apartment.
Most states limit the amount of a security deposit to one month's rent. If the parties agree to raise the rent, then the security deposit could go up by the same amount.
Yes.
That depends on the laws of the state. In Massachusetts, a pet deposit is a security deposit, and the total security deposit cannot be more than one month's rent.
Normally not: a security deposit cannot be used as last month's rent, nor vice versa, without mutual agreement.
You can in Massachusetts - you don't say what state you are in. The landlord has the option of using the deposit for back rent, but he doesn't have to.
Last month's rent applies to the last month you will be staying at your unit. If you give 30-days' notice of your intent to vacate then you may keep your money you would otherwise pay your landlord and use that last month's rent, which cannot be used as your security deposit to be offset for damages (the security deposit is for that purpose).