What Is It Used For?
Hopefully, you will not have to use the security deposit at all and can simply return it to your fantastic tenant in full when their lease is up.
Unfortunately, it is not always that simple. A security deposit is a kind of insurance for landlords. It protects you when there is a breach of contract, the contract being the lease with your tenant. Although you are allowed to sue a tenant for the money they owe you, even if you are awarded the judgment against them, it is often impossible to actually collect this money. The security deposit offers you some buffer to soften the blow of the lost money.
You cannot keep a security deposit whenever you feel like it. Each state has certain laws regarding when you are legally allowed to keep a tenant’s security deposit. Common examples include damage to the apartment in excess of normal wear and tear and nonpayment of rent.
Published by: Bradford Miller Law, P.C.
10 S. LaSalle, Suite 2920
Chicago, IL 60603
312-238-9298
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