WHAT CAN THE SECURITY DEPOSIT BE USED FOR?
A Security Deposits (called “damage”, “cleaning”, and “pet” deposits) is any advance deposit of money used to secure the performance of the leader. Security Deposits may be used for several purposes………… • to reserve the premises before a tenant takes occupancy; • to cover the unpaid portion of rent if the tenant abandons the residence; • to compensate for unpaid utility bills • cleaning required to restore the rental to the condition it was in when the tenant moved in • cleaning services, for example, a professional rug shampoo, agreed to under the lease • to pay for damages beyond “normal wear and tear”; (Normal wear and tear is defined as, “deterioration which occurs based upon the use for which the rental unit is intended without negligence, carelessness, accident, or abuse of the premises or equipment by the tenant or his/her guests”) [ see our depreciation schedule ] • any other breach of the lease causing financial damage to the landlord WHEN IS A TENANT ENTITLED TO A FUL
