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Security Deposits: General Information for Private Landlord-Tenant
Steps you'll need to take
Basic Facts About Security Deposits
THE FOLLOWING FACTS APPLY TO PRIVATE LANDLORD
TENANT RENTAL AGREEMENTS ONLY!
Basic Facts:
- Security Deposit: Money that the tenant gives the landlord at the beginning of a rental agreement as insurance against unpaid rent and damages caused by the tenant, the tenant's family, or tenant's friends.
- The amount of the Security Deposit is decided by the landlord. It cannot be more than 1 month’s rent but can include an additional pet deposit.
- The Security Deposit cannot act as the last month's rent unless you and the landlord agree on this fact in writing.