What Is A Security Deposit And Why Do I Have To Pay It?

A security deposit is money paid by the tenant to the landlord. The deposit protects the landlord if the tenant vacates without making required payments or damages the unit. If the tenant gives proper notice and vacates without owing any rent or damages, the landlord must return the security deposit to the tenant within thirty (30) days. All landlords, regardless of the number of units they own, must return the security deposit within thirty (30) days after the termination of the lease or the surrender and acceptance of the premises, whichever occurs later. If the landlord is retaining all or part of the security deposit, a statement specifying the exact reasons why the security deposit is being retained must be sent within the thirty (30) day period.

Speak to an Experienced Landlord Tenant Law Attorney Today

This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified landlord tenant lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local landlord tenant attorney to discuss your specific legal situation.

Additional Landlord Tenant Law Articles

Search LawInfo's Landlord Tenant Law Resources