Renting a Home

Security Deposits

Must landlords hold security deposits in a separate bank account apart from other assets?

Not unless the law imposes such a requirement. But if there is such a requirement, a landlord who fails to keep the security deposit separate from other money may owe damages to the tenant.

>>What is a security deposit?
>> What does the lease say about security deposits?
>>Are deposits for cleaning, pets, parking, or garage door openers considered security deposits and, thus, refundable?
>>Must landlords hold security deposits in a separate bank account apart from other assets?
>>Does the landlord have to pay interest on deposits?
>>Under what conditions does the landlord owe a refund of the security deposit?
>>What should the tenant do if the landlord does not refund the deposit or refunds what the tenant believes is too little?


Practical Law Home | Renting a Home | Leases | Lease Clauses to Consider | Evictions
*Security Deposits* | Fair Housing | Where to Get More Help

Advertisement