What is a security deposit?
A security deposit is an amount that the tenant deposits into an escrow account at the start of the lease. This ensures that the landlord is protected against potential damage or other costs arising from the lease.
At the end of the lease term, the tenant receives the security deposit, including interest, back, provided that all obligations under the lease agreement have been fulfilled. This means that the property is left in good condition and all payments have been made on time.
If there is rental damage , the landlord may deduct the costs of repairs from the security deposit. It is therefore important for tenants to maintain the property well in order to receive the full security deposit back.
A tenant can only receive the security deposit, including any interest, back with the landlord’s written consent. This ensures that everything is handled properly and transparently for both the tenant and the landlord.
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