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An earnest payment or earnest money is a specific form of security deposit made in some major transactions such as real estate dealings or required by some official procurement processes to demonstrate that the applicant is serious and willing to demonstrate an earnest of good faith about wanting to complete the transaction. [1]
A security deposit is a sum of money held in trust. [ 1 ] In leasing, security deposits, also known as "rent deposits", [ 2 ] are required most often by lessors of automobiles , residential property, and commercial real estate .
Subpart 215.470 of the Defense Federal Acquisition Regulation Supplement (DFARS) document requires the use of the CDRL in solicitations when the contract will require delivery of data. Guidance on how to fill in and handle DD Form 1423-1 is provided in publication 5010.12-M.
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 .
A trust may be created by: (1) transfer of property to another person as trustee during the settlor's lifetime or by will or other disposition taking effect upon the settlor's death; (2) declaration by the owner of property that the owner holds identifiable property as trustee; or (3) exercise of a power of appointment in favor of a trustee. [76]
A deposit slip or a pay-in-slip is a form supplied by a bank for a depositor to fill out, designed to document in categories the items included in the deposit transaction when physically depositing at a bank.
When the deposit is under an insurance-based scheme, the landlord or the letting agent will hold the deposit but have to pay a fee to ensure the landlord will not illegally retain the deposit at the end of the tenancy. If at the end of the tenancy the landlord does not release the deposit, the insurance will pay back the tenant.
In finance, a security interest is a legal right granted by a debtor to a creditor over the debtor's property (usually referred to as the collateral [1]) which enables the creditor to have recourse to the property if the debtor defaults in making payment or otherwise performing the secured obligations. [2]
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