0
What else can I help you with?
Why does a lease gives both the tenant and the landlord security?
A security deposit is a refundable deposit that a tenant pays to their landlord before they move into a property As long as a tenant abides by the terms of their lease, this deposit should be returned to a tenant when their lease has expired. There are certain situations where a landlord is allowed to keep all or part of a tenant's security deposit.
What is the purpose of a security deposit and when is the last security deposit typically due?
The purpose of a security deposit is to protect the landlord in case of damage or unpaid rent by the tenant. The last security deposit is typically due when the lease agreement ends and the tenant moves out.
What if tenant doesn't cash security deposit check within 30 days?
Then the Tenant can ask for the check to be refreshed. The deposit is the Tenant's money, not the Landlords.
What is the security deposit for when renting an apartment?
A security deposit is a payment required by a landlord from a tenant to cover the expenses of any repairs of damages to the premises greater than normal "wear and tear." The security deposit must be returned within a short time (varying by states) after the tenant vacates, less the cost of repairing any unusual damage. In a few states the security deposit must be kept in a separate bank account, and some states require payment of interest on the amount held as a deposit.The landlord must place the funds in an escrow account and give the tenant any interest generated by such funds. Upon the termination of the lease, the landlord must return the security deposit to the tenant if no damage or violations of the lease occurred.
What happens to a tenant's security deposit when the building is sold?
In most states the security deposit remains the property of the tenant regardless of who owns the building, and state laws may require the old landlord to inform the tenant who the new owner is and where the deposit money is being kept.
Your rental had a flood due to a faulty plumbing fixture The landlord and you agreed your family will move out as soon as possible What are your rights concerning your security deposit?
your security deposit is for DAMAGES caused by the tenant. Note this is major damages (broken windows, holes in the walls), not normal wear and tear. This flood was caused by faulty plumbing, not the tenant, so the tenant's security deposit should not be effected by this. Therefore the tenant should get his security deposit back, unless there were damages caused by the tenant themselves (not by the flood).
Is it legal for the tenant to hold your deposit till the lease contract is finished even if the contract is broken?
If the tenant broke the lease via a material breach, the tenant may forfeit his security deposit. However, if the landlord has breached the lease, he must return the full security deposit.
Can government garnish a tenant security deposit?
If some agency is going after the tenant, then yes. If they are going after the landlord, then they shouldn't be able to, but, they may not know that it's the tenant's money. Most states require that the landlord put the deposit in an account that makes it clear that this is the tenant's money. However, failure to do so is probably the most common mistake in landlord/tenant law. It could be that the tenant could contact the agency, and convince them that they have seized an account that they should not have.
How to return the security deposit to the tenant?
To return the security deposit to the tenant, the landlord should inspect the rental property for damages, deduct any necessary costs for repairs, and then provide the remaining amount of the deposit to the tenant within the specified time frame as required by the rental agreement or local laws.
If evicted does the secutiry deposit still get refunded to the tenant?
The security deposit should be applied to the arrearage (including any court costs), and any remainder returned to the tenant. Does the landord need to notify you how your deposit will be applied.
Can a tenant demand security deposit when moved out owing rent and gave no notice?
If no notice is given, then the tenant owes for the next month, if the landlord tries to rent the unit and cannot. The security deposit can be applied to the arrearage - the landlord needs to write the tenant a letter so stating.
When a tenant vacates an apartment is it right for the landlord to deduct money from the security deposit to pay to clean and paint the apartment for the next tenant?
The purpose of a security deposit is to pay the last month's rent in the event that a tenant stops paying and has to be evicted, not to pay for cleaning and painting. It would only be reasonable to use a security deposit for this purpose if the departing tenant left the apartment in extremely bad condition, requiring an abnormal expense to restore it.
