Protect Your Security Deposit

Security deposits are funds collected by the landlord at the start of your tenancy to cover unpaid rent or damages to the rental unit that are incurred during occupancy. The deposit is typically equal to one or one and a half month’s rent, and usually there is an additional pet deposit if any pets will be living in the residence. The funds are held throughout the term of the lease and may be refunded when you leave as long as your account is paid up to date, no damage was done to the unit and you leave it as clean as it was when you moved in. Failure to do any of these could result in full or partial forfeiture of your security deposit.

Before settling in to a new rental unit, document the initial condition of the property by taking pictures, and make a list with detailed descriptions of any prior defects or damages. Be sure to confirm these issues with the landlord at this time, so come moving day you are both on the same page as to what the condition of the unit was at the start of your tenancy. The time in which a landlord must return a security deposit varies from state to state. Refer to this link to check the security deposit deadline in your state: Deadline for Returning Security Deposits, State-by-State

 

Thank you for visiting Renting Tips, Sponsored by Gold Tree Properties, LLC.

 

*References:

TODAY Money http://today.msnbc.msn.com/id/23359768/ns/today-money/t/help-renters-who-may-not-know-their-rights/#.TwzIEJi9q0v

NOLO Law for All http://www.nolo.com/legal-encyclopedia/get-security-deposit-back-29695.html

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About RentingTips
A blog designed to help educate renters on what to look for and how to make the most of their rental property experience.

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