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A damage deposit or deposit is a sum of money paid in relation to a rented item to ensure it is returned in good condition. They are particularly common in relation to rented accommodation , where they may also be referred to as a tenancy deposit , bond deposit , [ 1 ] or bond .
Remember, they own the place, not you. Read your lease. Most lease agreements lay out specific requirements that need to be met in order for the tenant to get a security deposit refund on move-out ...
It sometimes means money paid to an existing tenant who assigns a lease to a new tenant where the rent is below market. It sometimes means a bribe to a landlord. In other parts of the world, it is used synonymously with normal security deposits, which are used to cover nonpayment of rent and excessive damage to a rental unit.
The cities of Madison, Wisconsin, and Chicago, Illinois, have substantially greater protection of tenants' security deposit rights than the surrounding areas. [10] Studies have shown that landlords often improperly withhold security deposits after tenants move out, and often get away with it because it's too much trouble to fight. [11]
By law, if the tenant can prove that the landlord intentionally and illegally withheld a security deposit, the tenant can be awarded twice as much as the amount of the security deposit ...
To successfully protect yourself from housing law violations, know your rights as a renter and always act when you feel you are being unfairly treated. 7 things you should know about tenant rights ...
The security deposit is often handled as an escrow deposit, owned by the tenant, but held by the landlord until the premises are surrendered in good condition (ordinary wear and tear excepted). In some states, the landlord must provide the tenant with the name and account number of the bank where the security deposit is held, and pay annual ...
Tenants routinely ask not to be named out of fear that speaking up would make it even harder to get their landlord to make repairs or, because they’re on verbal or month-to-month rental ...