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 that can be used to cover any unpaid rent, damages to the property that occurred during the course of the lease, or in the case of the tenant breaking their lease. Wolf & Kline collects a security deposit equal to one month’s rent, which is then put into an escrow account until the time comes for the tenant to move out. It is important to fill out a “Move-In Condition Report” upon moving into your rental for things 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, they will need to provide a forwarding address so their security deposit can be returned to them. It is mailed in check form, written out to the parties on the lease, within 30 days of the move-out date.
