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March 18, 2013

Renting a Home

Security Deposits

What does the lease say about security deposits?

A preprinted standard lease form will probably contain a paragraph explaining that the tenant has made the deposit to assure compliance with all the terms of the lease. The lease will also set forth the conditions under which the landlord will return the deposit to the tenant. Most leases allow the landlord to keep all or part of the deposit if the tenant owes rent upon moving out or has caused property damage beyond normal wear and tear. Some of it may also be kept to pay for cleaning the premises for the next 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?

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