As tenants, before occupying a property, we must comply with certain documents and requirements. These are meant to ensure not only that our personal information is accurate but also that we will have the solvency to comply with the payment of rents and that the contract and transaction are legal to protect both parties.
The security deposit is one of these requirements, and it is an amount of money that is paid to the landlord before we can move in. The purpose of these deposits is to reimburse the landlord and protect him from some situations. Therefore, the landlord keeps this deposit for the duration of the contract.
The deposit is usually the amount of one month or two months’ rent, depending on the property and the limits of state law. And if everything goes well, rent payments have been made without fail, and the property is in good condition, tenants can get this deposit back when they move out.
It is important to take note of the conditions that the property is in before inhabiting it to ensure that we are leaving it in the same conditions as when we received it.
Some of the cases in which landlords can make use of this security deposit are the following:
- Property damage. Damages that go beyond the normal wear and tear of things and the property itself. Some of them may include burns, stains, large holes in the walls, or broken doors or windows, among others.
- Terminate the lease contract early. Leasing contracts include the amount of time for which the tenant will use the home, and they usually include clauses about the consequences of breaking this contract early. Make sure you read your contract carefully before signing because if you break it before, the landlord could keep your full deposit.
- Failure to pay rent. In most states, the landlord can keep some or all of the security deposit if the tenant has not complied with all the monthly payments of the rent.
If you have any questions as to whether you should get your deposit back, contact us and schedule an appointment. We will review your situation and make sure that your rights are respected.