Property Management Blog

WHAT IS A SECURITY DEPOSIT?

System - Monday, November 5, 2018

A security deposit is a sum of money that a landlord requires a tenant to pay before they move in.  The purpose is to have a financial back-up if a tenant fails to pay rent or damages the property.  Wolf & Kline collects a month’s rent as a security deposit, which is then put into an escrow account until the time comes for the tenant to move out.  When you move into one of our rentals, you will receive a “Move-In Condition Report” which is where you would record anything in the rental you do not want to be held responsible for after you move out (stains on the carpet, torn linoleum, etc.).  Once a tenant decides to move out, their security deposit would be returned to them in check form, written out to the parties on the lease, within 30 days of the move-out date.  As long as there are no major damages (holes in walls, broken windows, appliances missing) other than normal wear and tear, your security deposit will be returned in full.

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