Money at Stake: Are Security Deposits Really Refundable?

Money at Stake - Are Security Deposits Really Refundable
by John Carlucci - September 13, 2023

What's the first thing on your mind when moving out of your apartment? You're probably getting your deposit back.

You're not alone if you have any doubts about your security deposit refund. Sadly, unscrupulous landlords are too often willing to take advantage of new renters. There are many myths about security deposits, and it's up to you to separate fact from fiction.

So, are security deposits refundable? If you want to know the answer, then it's time to read on.

Written Statement from Your Landlord

A written statement from your landlord is essential regarding the security deposit for rent. The information should include evidence of the amount of money paid when the tenant signed the lease and the date.

As a tenant, you should also include a clear description of the condition of the unit. Make sure that the walls are free of holes, nails, tacks, and other marks, and if there are any marks, be sure to document them with pictures. All appliances should be working, so inspect each for faults or damage.

Check for any pet stains and odors. The floors should not have significant wear or tear, and check the windows and doors for any seal failure or damage. Ensure all locks, light switches, and outlets are working correctly. The doors and windows open and close properly, and erase any permanent markers or paint from the walls.

If the landlord agrees to the condition of the unit and all parties agree, the security deposit should be refunded in whole or in part. It is essential to make a document with all the details agreed upon in the written statement, which should be signed and dated by the landlord and tenant. 

Could you expect to Receive It Within a Few Weeks?

When your lease ends, you should expect to receive your security deposit from your landlord within a few weeks, depending on the state you are living in. Typically, landlords should return the amount to you within thirty days after the lease has expired.

If you have yet to receive the security deposit within that time frame, it is wise to contact the landlord and ask for the money. If the landlord has failed to return the security deposit, the first step would be to file a complaint with the local housing authority.

To avoid situations like this, you must be mindful before renting a place. Check out these Realtors in St. Albert who are professional and can help you anytime.

Issued in the Agreed Form

When a lease comes to an end, the security deposit is refundable. Generally, you will receive the money in the same form that was given, such as cash, check, or money order.

You can also apply your security deposit to your most recent rent payment. If you choose that option, you must provide written notice to your landlord or property manager at least fifteen days before the expiration of your lease.

Are Security Deposits Refundable? The Answer Is Yes

Are security deposits refundable? Fortunately, the answer is yes; these are essential and can be expensive.

Landlords and tenants must be aware of their legal obligations to ensure a smooth and peaceful rent deposit agreement. Contact a qualified attorney today if you need clarification on your rights as a tenant or landlord.

For more articles like this, check out our other posts.

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