DEPOSITS
Deposits are required by landlords to show intent to lease.
The equivalent of one month rent is typically used when entering into a contract to lease.
When all terms are agreed to and lease has been executed, second deposits are required. These will be last month's rent and security deposit.
In some instances, if property is new or has been substantially remodeled landlord will ask for two months rent security.
Condominiums are now beginning to require one month security for common elements. This will constitute four months of deposits.
- How deposits are held is governed by the Landlord Tenant Act
- Deposits are held in escrow until date of occupancy.
- Deposits must be cleared funds prior to occupancy.
Remember if you will be sharing your abode with a pet (and I don't mean the boy/girl friend type) most landlords will require a non-refundable pet deposit.
If you have any questions drop me a note at javiergonzalezpa@bellsouth.net
