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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 else can I help you with?
Renting an apartment in Indianapolis In with evictions?
Renting an apartment in Indianapolis, IN when there have been prior evictions can sometimes be tricky. It is best to be upfront with the landlord. They may require references and a security deposit in order to rent the apartment.
Can your landlord require as a condition of renting an apartment to you a security deposit the first month's rent and the last month's rent in California?
yes
Do I need to provide a security deposit when renting a laptop?
Most rental companies require a security deposit.
Is it legal for an apartment to cash your security deposit before you get approved?
Probably. I mean, if I were renting an apartment to someone, I'd want to make sure their checks clear before I let them move in.
What Some landlords ask for a special deposit before renting out an apartment's?
Some landlords may ask for a special deposit, often referred to as a "pet deposit" or "security deposit," to cover potential damages or additional cleaning costs associated with renting their property. This deposit is typically refundable if the apartment is returned in good condition. Additionally, landlords might request this to ensure that tenants are financially responsible and committed to the lease agreement. It's important for tenants to understand the terms and conditions of any deposit before signing a rental agreement.
Can a Manager or Landlord Wrongful withhold part of a security deposit even if you never moved in?
If an apartment is reserved for you, because you paid a security deposit, that means that the landlord is not able to rent it to anyone else. Hence, when you then decide not to move in after all, the landlord has still lost the rent which he might have collected by renting that apartmnent to a different renter. So yes, he can withhold the deposit. It is not a good idea to make a deposit on an apartment that you are not actually going to move into.
How much is security deposit for an apartment?
Depending on the lease or the apartment Depending on the lease or the apartment Depending on the lease or the apartment
What is the average security deposit on an apartment?
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.
What are the benefits of choosing an apartment based on income?
There are a few benefits over renting an apartment versus owning a home. Generally a down payment is needed for a home, a security deposit is needed to rent an apartment. You do not have to pay real estate taxes and you do not have to insure the dwelling, only the contents inside.
Can you explain what first, last, and security deposit mean in terms of renting a property?
First, last, and security deposit are payments made by a tenant to a landlord when renting a property. The "first" refers to the first month's rent, the "last" refers to the last month's rent, and the "security deposit" is a refundable amount held by the landlord to cover any damages or unpaid rent at the end of the lease.
What is a bonded apartment?
A bonded apartment means that a surety bond has been used to instead of a security deposit to obtain the apartment. The minimum amount for a surety bond is $87.50.
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.
