Landlord Tenant Act Deposit
Landlord Tenant Act Deposit
Everything You Should Know About Security Deposits
Security deposit or landlord tenant act deposit as it is called is an amount that is paid by the tenant to the landlord before they move into an apartment or other rental property. The landlord collects this landlord tenant act deposit amount as a backup to cover any repair expenses that might have to be expended once the tenant has vacated the premises after their lease has expired. This article will provide more of an insight into the various aspects of the landlord tenant act deposit. One should know that they should look up information for their particular state if they want to know the exact details about landlord tenant act deposit law that is applicable to them. This website will have plenty of resources to help a person find exactly what they need about rental rights in relation to security deposits as well as other issues.
How much can be charged as a Landlord tenant act deposit? – This will depend on the state of residence. Most states limit the maximum amount of landlord tenant act deposit to an amount that is equivalent to one or two months of rent although there are a few states that just vaguely specify that the security deposit demanded should be a reasonable amount that can be decided by the landlord. Also, some states will allow the landlord to collect an additional amount for the landlord tenant act deposit in the form of a pet deposit. The combined landlord tenant act deposit, including the pet deposit, will usually be about 1.5 times the maximum security amount that can be charged.
Where will the landlord tenant act deposit be held during the course of tenancy? – Some state laws stipulate that the landlord must hold the landlord tenant act deposit in an escrow account that is separate from their personal and business accounts. The law will also require that the landlord disclose information about the account that holds the landlord tenant act deposit to the tenant by informing them about the bank and account number of the account. Also, it might be necessary for the landlord to return the landlord tenant act deposit amount with any accrued interest at the end of a lease.
What is the refund procedure for the landlord tenant act deposit amount? – This varies from state to state although the landlord will usually have to refund the landlord tenant act deposit amount within a period of 14 days to 45 days after a tenant has left the property. Some states will require that the tenant seek a refund of the landlord tenant act deposit by providing a forwarding address and a written request for refund. Most security deposit clauses will allow a landlord to deduct repair expenses from the security deposit amount if the tenant has damaged the property beyond a point that can be related to normal wear and tear. However, the landlord is obligated to provide a written notice that will show the various expenses that have been deducted from the landlord tenant act deposit amount. Most state laws will allow a tenant to dispute these charges if they feel that they are unjust in any way.