SECURITY DEPOSITS
SECURITY DEPOSITS - the amount set down to cover any subsequent damages you might cause
Security deposits end up being one of the greatest problems between a landlord and a tenant—you need to know some specifics about these deposits. 1. The deposit is specifically to cover damages beyond normal wear and tear. It is supposed to be returned upon the termination of your lease if there are no damages. 2. The deposit is not the last months rent. Don’t try to take out frustrations by not paying the last month and telling the landlord that you have already taken care of it with your security deposit. 3. The deposit is usually equal to one month’s rent, but may be higher if the landlord has recently been ripped off for some rent or heavy damages. It may also be used as a means to discourage students from renting the place but may not be more than two months rent at the beginning of the first year. 4. Remember the check list we discussed earlier. Here is where this is important. If there are things to be taken care of and the landlord promises to take care of them, get this in writing. It is a good idea for you to take photographs or a video of the apartment when you first move in for your files. You can then give the landlord a copy with your written request about any problems or damages. At the end of your lease, the original check list should be used to assess any damages that have occurred. It’s a good idea to be with your landlord when he checks out the place, don’t let him wait until you have gone. 5. In case you have trouble with getting your money back, there is a law that protects you. The Landlord and Tenant Act of 1951, amended in 1967 contains five parts that are pertinent. A. You MUST provide him with a written notice of your forwarding address. If you do not do this the following does not necessarily apply. B. The landlord must return the deposit and/or an itemized list of damages to you within thirty days from the time you move out or the termination of your lease which ever comes first. C. If he fails to offer either the damage list or the money within thirty days, he forfeits all rights to hold any amount of the deposit for any reason. You are entitled to sue for a full return of deposit. It is incontestable. D. If he issues you an itemized list of damages within thirty days, but fails to return the remainder of the deposit, he is liable for double the remainder of the deposit. If, however, he fails to issue a list of damages or return the money, he is liable for double the amount of the deposit. (NOTE: He may file counterclaim charges for damages). E. There is no way that you, as a tenant, can be fooled into waiving this law by signing a lease.