If a house rents for 1300 and it says $1000 deposit, what does the deposit go to exactly?
It depends. Sometimes you get it back when you leave, or it its a downpayment. To have a deposit lower than 1 months rent is rare. If the landlord sees the deposit as a downpayment to pay for rent than it will be used as a downpayment. If the landlord sees the deposit to pay for damage that you might cause to the property then you will definitely get it back when you leave.
Typically it is returned after you leave and they check the place for damages. In many states they have to return it within 30 days of your moving out or give you a letter stating why they did not return it. If they don’t you can sue them for double the amount. It is usually the case that the security deposit is put in a bank account until you leave…in some cases they will give you bank interest on the money when you leave.
Usually the deopisit is for damage. If you damage somthing (that is not normal wear and tear eg. broken deishwasher) it will be taken out of your deposit. this deposit is given back to you at teh end of your lease, either by deducting it from your rent, or giving you a cheque on your leaving date – when the house has been inspected! It can also be a security deposit in case you don’t continue the full lentgh of the contract – in this case you loose it.
