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Security Deposit

Before you rent an apartment or other dwelling, a landlord usually requires a security deposit. This deposit is held by the landlord in case you damage the residence during your tenancy.

The security deposit may not exceed two-months rent during the first year. During the second year, the security deposit may not exceed one-month rent. Furthermore, if the security deposit is greater than $100, the security deposit must be placed into an escrow account.

After you vacate, the landlord must refund your security deposit. However, if there is damage that exceeds normal wear and tear, the landlord may retain enough funds to fix the dwelling. The landlord is required to notify you within 30 days as to the damages and amount they are retaining. If the landlord fails to notify you properly, or if they keep more than the funds necessary to fix the premises, then your landlord will be liable for double the security deposit. Please note that you must provide a forwarding address.

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