A security deposit is a refundable fee a tenant pays to a landlord as protection for the landlord against damages to the rental inflicted by the tenant, lease broken by a tenant or other reasons. A security deposit amount is typically equal to one month?s rent, but could be more or less, depending on the landlord, rental location and rental type. A Security Deposit is typically returned when the tenant moves out after the lease is up.
Before a Security Deposit is given to the landlord, the tenant and landlord should tore the rental and agree on the current state of the rental, including any damaged areas of the rental or areas that need improvement. The tenant should take their own photos of the rental for future reference. The tenant and landlord should repeat this tour of the rental process when the tenant moves out when the lease is up.
Each state in the United States of America has its own laws pertaining to Security Deposits. Some states require that the landlord keep the Security Deposit in a separate account during the tenant?s stay at the rental and that the tenant is entitled to any interested incurred during their stay at the rental. Sometimes, Security Deposit laws are made at the municipal level, so check with your local town hall or city hall for more details on Security Deposits.
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