A security deposit is a sum of money paid by a tenant to a landlord or property owner at the beginning of a lease or rental agreement. The purpose of the security deposit is to provide financial protection to the landlord in case the tenant causes damage to the property or fails to pay rent or other expenses as agreed. If the tenant fulfills their obligations under the lease or rental agreement, the security deposit should be refunded in full or in part at the end of the tenancy. However, if the tenant breaches the terms of the lease or causes damage to the property, the landlord may use the security deposit to cover the costs of repairs or unpaid rent.
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A security deposit is a sum of money paid to a landlord or property management firm before a tenant moves into a flat or home. This cash is used to pay for potential rental damage such as carpet stains. If you have unexpected bills or a temporary loss of employment, you may also be able to make up a missed rent payment, preventing you from being evicted.
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What is a security deposit?
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2023-05-12T09:04:46+00:00 2023-05-12T11:07:06+00:00Comment
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