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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 ...
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]
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 ...
Rebecca Quirke of the local advocacy group Tenants Revolt said the issue of deposit theft is so widespread that about eight out of 10 renters that she’s met within the city do not get their full ...
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