Security Deposit Deductions: What’s Allowed?
A security deposit is cash that the tenant pays the landlord before entering the rental property management . The money covers the landlord if the tenant damages the property or does not pay rent. When the tenant leaves, the landlord examines the property and determines how much of the deposit must be paid back. But not every reason qualifies for withholding part of the deposit. This article explains what landlords can legally deduct from a security deposit and what they cannot. What Is a Security Deposit? A security deposit is a set sum of money a tenant pays a landlord before taking occupation. It is not rent. The landlord holds this deposit throughout the lease tenure and refunds it at lease termination, less any legal deductions. The amount and regulations can differ by area, but the general concept is the same everywhere. Why Do Landlords Ask for Security Deposits? Landlords request security deposits so they can guard their property. It pays for: · ...