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Security Deposit
Security deposit guidelines are established by the State Landlord Tenant Security Deposit Laws pertaining to each state. Those guidelines can be accessed online through Landlord 411's Property Management Center. The landlord can charge no more than two months' rent for an unfurnished apartment as a security deposit, and three month for a fully furnished unit.
A security deposit is any advance rental payment other than an advance for the first month's rent of a deposit for a key. A security deposit remains the tenant's property by the landlord holds a security interest in it. Security deposits must be kept in an escrow interest bearing account. Landlords must return security deposits with interest minus deductions 14 to 45 days after a tenant moves out. Legal action and arbitration can be taken through a Security Deposit Investigator or small claims court.
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