One of the biggest disputes among renters and landlords is the security deposit. Almost all apartment management companies or landlords require one. If a problem does arise, it usually involves the renter receiving less than the amount they thought they were entitled to. Let’s dive into scenarios and common questions about security deposits. Specifically we will attempt to answer the question of how renters can get their entire deposit back quickly.
What is a Security Deposit
First of all, the security deposit is your money. Its purpose is solely to be used against any damage that you cause during the rental.
For example, if you damaged anything inside the unit that needs to be repaired, this will be deducted out of the security deposit amount. It is not to be used for anything else.
Some states actually require the landlord to deposit the money into a separate account. They must also report the name of the bank, and the account number to the lessee.Continue reading