Renting & managementAll terms starting with S
Security deposit
Funds held during a tenancy to cover unpaid rent or damage beyond normal wear, returned under statutory rules.
The deposit secures the tenant’s obligations. At move-out the landlord may deduct for unpaid rent and damage beyond ordinary wear and tear, and must return the balance with an itemized accounting within the period the law allows.
Normal wear is not damage. Documented move-in and move-out condition reports are what make a deduction defensible.
Related terms
- Lease agreementThe contract setting the terms of a tenancy: rent, duration, responsibilities, and how it ends.
- Move-out inspectionA documented walkthrough at the end of a tenancy, compared against move-in condition to determine deductions.
- Normal wear and tearThe gradual deterioration expected from ordinary use, which cannot be charged against a security deposit.
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