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Shoo. | If I move in, what is the security deposit for? |
If I pay the security deposit and the first month rent does that mean the landlord get to keep the security for free? Is it refundable? Is it for the rent if I paid late? I'm planning to move but I'm not quite sure how it works. |
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schwildcat1977
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Security deposit is NOT free money to the landlord, and it is NOT to be used for unpaid or late rent.
It is to be held by the landlord and is refundable if there is no damage to the unit when you move out. |
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Pu_Rock
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The Security Deposit is refundable. They usually ask for this deposit just incase there is significant damage to the apartment at the end of your lease term.
I've lived in 7 different apartment complexes. And I've had my deposit returned to me in the end at all seven of them. |
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rhsaunders
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Security deposits are a reserve for the owner to make any necessary repairs to the property after you move out. If you knock a hole in the wall, or your cat tears up the carpet, the deposit will be applied to fix these. If you leave the place as you found it (normal wear and tear excepted), you are supposed to get your entire deposit back. Landlords are supposed to return deposits, and account for deductions, promptly after your departure; in some jurisdictions, this is supposed to be done within 15 days. |
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Supermommy!!!
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It's refundable i follow the guidelines usually you have to live there for a year and return the apartment in the same shape you got it in. Some places make you have the carpet professionally cleaned and give proof before they will give back your money. |
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Samantha K
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Generally, a security deposit is so that if any damage is done to the apartment (I'm assuming it's an apartment) while you're living there, the landlord doesn't have to worry about getting money out of you in order to fix it when you leave. You should take pictures of the entire place before you move in- especially if there are any dents in the walls or holes or any such thing, that way you will not be accused of putting them there and you will get your security deposit back. |
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Kay
 |
Generally, the security deposit is refundable. It is a deposit by renter to secure the landlord as to the condition of the rental when the renter moves out. If a renter damage or severely soil the rental, landlord has the security deposit to make repairs and to clean up to bring the place to its original condition.
Therefore, it's well advised that you take photos of the place, every room, walls and floors on the day you move in. Don't damage or soild the place while you are living there and clearn the place thoroughly before you move out. On the day you move out. take photos of the rooms, walls and floors as you did when you moved in so that you have proof that you left the premises in original condition and assure yourself of the refund of the security deposit. |
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Nick G
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The security deposit is refundable by law (at least in most places). A deposit is to secure the landlord against your leaving the place in a non-rentable condition.
Be careful, however, a non-scrupulous landlord will try to make up a reason to keep your deposit. Insist on an entrance walk-through where you go through the place with your new landlord or manager, making note of all things that are less than perfect, regardless of how minor they are. Insist also on an exit walk-through where the landlord or manager can note any problems, then sign and give you a copy of the review with all of the findings. Anything that was present at the start of your occupancy should not be listed, or it should be noted that it was there when you moved in. It should also state that you are entitled to a full refund of your deposit.
State law will say how soon the landlord must send you your refund. Of course, let the landlord know your new address so that he/she can send it. |
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Gertie
 |
The security deposit is for damage you might cause to the home. Contrary to what most people believe if you leave and have unpaid rent it can be used towards that as well. |
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kjcamel
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A security deposit is basically asked for just in case you might try to stiff the landlord on your last month's rent, or any funds owed for that matter. It ensures the landlord gets paid. Generally, the landlord will use the security deposit for your last month's rent anyway. For example, when you give him notice that you're moving out, instead of you giving him the last month's rent, you keep your money b/c he already has the money you gave him for the security deposit. It's also needed just in case you decide to trash the place, or do any damages to it, or if you break the lease. So no, in any of those cases you won't be refunded the security deposit. However, check your lease for the details about your deposit as it may slightly differ. |
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Krista
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The security the landlord does not get to keep. If you move out one day without letting them know, they will keep your security to cover the month's rent until they can re-rent the apartment/house. When you do move out if there is any damage they will subtract the amount of damage to the security and you will get the remaining amount back. If there is more damage than your security covers, they will charge you the difference.
They should put your security in a bank account that will gain interest. YOU should receive the interest checks on a yearly basis that you get to keep. |
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