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Simple English definitions for legal terms
Security deposit
Read a random definition: Money Order
A quick definition of Security deposit:
A security deposit is money that a tenant gives to their landlord before moving into a rental unit. The landlord keeps this money to make sure that the tenant pays rent on time and takes good care of the rental unit. Each state has rules about how much money a landlord can ask for and when they have to give it back to the tenant.
A more thorough explanation:
A security deposit is a payment made by a tenant to a landlord before moving into a rental unit. The purpose of the security deposit is to ensure that the tenant pays rent on time and takes care of the rental unit during their stay.
For example, if a tenant in Connecticut wants to rent an apartment, the landlord may require them to pay a security deposit. This deposit acts as a guarantee that the tenant will follow the terms of the lease, including taking care of the apartment and paying rent on time. If the tenant fails to do so, the landlord can use the security deposit to cover any damages or unpaid rent.
Each state has its own laws regarding security deposits. In California, for instance, the security deposit for residential property may equal 2 month’s rent for unfurnished rentals or 3 month’s rent for a furnished rental. The landlord must return the deposit within 21 days after the tenant moves out.
It's important for tenants to understand their state's laws regarding security deposits to ensure they are being treated fairly by their landlord.