Definition and Examples of Security Deposit
How Security Deposit Works
Do I Need to Pay a Security Deposit?
Definition and Examples of Security Deposit
A security deposit is an amount of money paid to ensure the use of property or services. The security deposit includes advance payments made as part of an agreement to access the property or services. When renting property, the security deposit is usually specified as part of the rental agreement, which in turn is subject to landlord-tenant laws. The security deposit may be refundable or non-refundable, depending on the terms of the agreement made with the service provider or landlord. If you feel that the landlord is unfairly withholding your security deposit, you may be able to file a lawsuit in civil court to recover it.
How Security Deposit Works
A security deposit is often required to be paid before the provision of property or services. Therefore, if you are moving into a new apartment, for example, you may need to pay the full security deposit when signing the lease. Or if you are heading to college, there may be a deposit due for tuition fees before classes begin.
Typically, landlord-tenant laws include security deposit amounts for rental agreements at the state and/or local level. These laws can specify how much of a security deposit a landlord is allowed to collect, when security deposits must be paid, where the deposit must be held, under what circumstances it can be refunded and the timeframe for this, and when a landlord can retain a tenant’s security deposit.
Do I Need to Pay a Security Deposit?
In most cases, if you are renting an apartment or another place to live, the landlord will want a security deposit. However, it is possible that you may be able to negotiate an alternative arrangement if you do not have the money to pay the large security deposit upfront. For example, you may be able to divide the security deposit over the first three months of the rental period.
Whether you need to pay a security deposit for utility services and mobile phone, or for renting a vacation home, or for renting a moving truck or car, it may depend on the service provider and your credit ratings. The company’s policy may also dictate when the security deposit is refunded and when it is not.
Source: https://www.thebalancemoney.com/what-is-a-security-deposit-5187950
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