What Is A Security Deposit And Why Do I Have To Pay It?

A security deposit is money paid by the tenant to the landlord. The deposit protects the landlord if the tenant vacates without making required payments or damages the unit. If the tenant gives proper notice and vacates without owing any rent or damages, the landlord must return the security deposit to the tenant within thirty (30) days. All landlords, regardless of the number of units they own, must return the security deposit within thirty (30) days after the termination of the lease or the surrender and acceptance of the premises, whichever occurs later. If the landlord is retaining all or part of the security deposit, a statement specifying the exact reasons why the security deposit is being retained must be sent within the thirty (30) day period.

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