What Are The Rules Regarding the Return of My Security Deposit

The return of a rental deposit and what the rental deposit is supposed to be used for always generates a lot of buzz in the rental market. There are clear rules laid out what a deposit is, how it should be used, and when it must be returned. Lawsuits are a common situation between renters and landlords. Keep in mind each state has its own set of standards and rules when it relates to the rental deposit.

Typically a renter will begin searching for an apartment or a home in which to lease. After deciding upon a place that they would like to call home, lease terms, monthly rent, and other specifics are usually discussed and an application fee and deposit are usually given to the landlord or the apartment community.

The security deposit is a fee that the renter will pay to the landlord to be used only if there are damages that fall beyond the normal wear and tear that a renter may inflict upon the apartment or home. There are strict rules regarding what the deposit is to be used for. There are also rules regarding when that money must be returned.

In some cases the landlord must abide by certain laws including the Tenancy Deposit Scheme. If the money is misused by the landlord the renter may be able to sue the landlord for damages incurred. We have all heard stories how renters have been unable to receive their security deposit back in a timely fashion. It’s nice to know there are laws protecting both sides.

Most of the time large apartment communities are well aware of the laws regarding the return of the security deposit. Many apartment communities have taken it a step further and give renters the option to pay a very small deposit down that they will NOT receive back. Rather than writing a check for several hundred dollars, this option allows renters to pay a very low fee that they realize will not be refunded. Many renters take advantage of this option.

If you are renting from a small company or private landlord make sure you have the landlord address what he may use the security deposit for, and when you will receive the deposit back.

Also keep this and all applications and leases in a safe place just in case you need to review your written agreements. Ask the landlord if he will agree to put the deposit in the hands of a third party. It may be difficult but the landlord should agree not to place the funds in his personal bank account. After you move out the landlord must return the deposit in a reasonable amount of time, usually 30 days. Many states have rules set out regarding the return of these monies.

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