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First, it can be used to “secure” a property and take it off the market.
Second, it protects the landlord if you break the terms of the lease or rental agreement. It may be used to cover things like damage to the property, cleaning, key replacement, and/or back rent.
Read your application and lease closely. If a payment is called a “fee” or “non-refundable deposit,” your signature means you agree with those terms and you cannot ask for a refund for those costs at move out.
Yes. If the landlord has taken the property off the market after you paid a security deposit, the landlord can keep the deposit to offset the loss of a potential renter for the time the unit was off the rental market and to help pay the costs for advertising the unit again.
If you move after giving proper notice, pay all your rent and other costs, and do not cause damage beyond normal wear and tear, then you should get your security deposit back.
At Move-in:
At Move-Out:
You can sue your landlord in General Sessions Court in the county where the rental unit is located if they do not return the deposit. You can do this with or without an attorney.
West Tennessee Legal Services
1-800-372-8346 ext. 1250
www.wtls.org
To download a copy of these fact sheets, please follow this link.