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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 .
ShutterstockThe damage to a rental that could threaten you security deposit -- or worse -- doesn't have to be intentional. By Christine DiGangi Moving to a new place comes with a lot of costs, not ...
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 .
Nine percent of women and 3 percent of men in the survey of 1,000 respondents said that they lost their security deposits because of pet damage. Related: Find Apartments for Rent.
In the United States, it is common to require key money in the form of a security deposit. The tenant pays one or two months' rent up-front. These funds are then held in escrow and are used to offset delinquent payments or damage to the property. If neither happens, the money is refunded (typically with statutory interest) when the tenant vacates.
The security deposit is typically equal to one month’s rent or less, but it can sometimes be more. If you can’t cover that amount yet, you’ll have to save up some cash first. And, of course ...
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Instead, a landlord's loss of rent/comprehensive damage insurance may be factored into the rent demanded and/or a special type of deposit, a regulated sum of money as a bond (protected security deposit) from the tenant held by a registered third party (such as certain realty agents) may be permissible.