Explain the landlord's rights regarding security deposits.

Question

What will be an ideal response?

Answer 1

Landlords commonly require tenants to make security deposits or advance payments of rent. Such deposits operate to protect the landlord's right to receive rent as well as her right to reversion of the property in good condition. Many cities and states have enacted statutes or ordinances designed to prevent landlord abuse of security deposits. These laws typically limit the amount a landlord may demand and require that the security deposit be refundable, except for portions withheld by the landlord because of the tenant's nonpayment of rent or tenant-caused property damage beyond ordinary wear and tear. Some statutes or ordinances also require the landlord to place the funds in interest-bearing accounts when the lease is for more than a minimal period of time. As a general rule, these laws require landlords to provide tenants a written accounting regarding their security deposits and any portions being withheld. Such an accounting must be provided within a specified period of time (30 days, for example) after the termination of the lease. The landlord's failure to comply with statutes and ordinances regarding security deposits may cause the landlord to experience consequences that vary state to state.