Featured News 2014 A Little About Security Deposits

A Little About Security Deposits

Tenants are normally required to pay a security deposit so that the landlord has added security in case the tenant breaks something in the apartment, causes extensive damage, breaks rules, or fails to pay rent. Residential landlords normally required a security deposit of two or three months' rent up front. Commercial landlords have the right to determine any amount as their security deposit. Landlords are not allowed to increase the deposit during the term of the lease.

If a tenant can be a good steward of his or her apartment or building and keep everything in excellent shape, then he or she can most likely receive the security deposit at the end of the lease. Landlords have the right to deduct money from the security deposit to cover any damages in the apartment. Landlords normally keep deposits in separate accounts at a bank.

Landlords can use the security deposit to cover any expenses that you owe under the lease. When the landlord dips into the deposit money to cover unpaid rent or other costs, you will have a set amount of time to replenish the deposit. Breaking an important term or condition of your lease can also constitute the termination of the else, in some cases, the landlord has the right to cur the default in order to help you avoid termination. Depending on the state that you live in, your landlord may be able to keep the security deposit and terminate your lease.

Your landlords doesn't have the right to dip into your deposit anytime that he or she wants or anytime that you are late on payments. Often, the landlord has to notify the tenants of his or her intention to use the deposit money and give the tenants a set amount of time to come up with another solution. If you want more information about security deposits, don't hesitate to hire a local real estate lawyer to help you. Also, if your landlord won't return your security deposit to you after the end of your lease, and has no reason to keep the money, you can challenge him or her. Contact the firm today to get more information.

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