Security Deposit

Author:Jeffrey Lehman, Shirelle Phelps
 
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Page 81

Money aside from the payment of rent that a landlord requires a tenant to pay to be kept separately in a fund for use should the tenant cause damage to the premises or otherwise violate terms of the lease.

A security deposit is usually in the amount of one or two months' rent. It usually must be paid at the time that the LANDLORD AND TENANT sign the lease. The landlord must place the funds in an escrow account and give the tenant any interest generated by such funds. Upon the termination of the lease, the landlord must return the security deposit to the tenant if no violations of the lease occurred. He or she may keep the security deposit or portion thereof for the amount of any damages, which can be proven...

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