Many individuals lease homes or apartments all over the world. It is imperative to comprehend the landlord-tenant laws governing the lease of the aforementioned real properties. For example, landlords require potential tenants to pay a “holding deposit” to ascertain that the latter will rent out the property; thus, the former will reserve it for a specific duration (Anonymous, n.d). Consequently, the deposit in question is intended to compensate the landlord in case the potential tenant fails to lease the property. However, the law specifies the amount that the landlord should hold based on the specific level of damages resulting from the failure of the potential tenant to sign the lease contract. Therefore this concept requires the property owner to return the remainder of the deposit to the potential tenant.
Again, the security deposit is an amount that the landlords charge tenants for letting the residential property, and the money is used upon the natural expiration of the lease (British Columbia, 2016). Such payments are intended to cater for such expenses as damage to property, rent due, and other unsettled debts (McDonagh, 2018). For instance, the California Civil Code requires property owners to charge less than twice the rent in addition to the first month’s rent for ordinary houses (Anonymous, n.d). However, the law permits landlords to charge the rent plus first month's rent for ornate houses (Department of consumer affairs, 2010) thrice. Notably, the law further specifies that tenants must pay the last month’s rent when it is due instead of using the security deposit to do so (McDonagh, 2018). Hence, this implies that the security deposit is refundable and can only be spent by the landlord in case of damage to the property or to offset pending bills (British Columbia, 2016).
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It is crucial for the tenant to make as many inquiries as possible to make the agreement with the landlord clear. Such questions may involve set rules concerning subletting, breaking the lease, and when the property owner needs to access the house for repairs (Wisconsin Department of Agriculture, Trade and Consumer Protection Bureau of Consumer Protection, 2016). One should also ask when the rent is due. However, it is important to assess the general condition of the property and document that information straightaway upon taking occupancy to avoid future issues relating to leaving the room in a better condition. Hence, tenants should take the concepts depicted herein into account since the time and scope of this paper does not allow for the comprehensive analysis of the tenancy laws.
References
Anonymous. (n.d). Landlord-Tenant Law. Retrieved 9/11/2018 from https://students.ucsd.edu/_files/sls/handbook/SLSHandbook-LandlordTenant1.pdf
British Columbia. (2016). 17. Security Deposit and Set off. Residential Tenancy Policy Guideline. Retrieved 9/11/2018 from https://www2.gov.bc.ca/assets/gov/housing-and-tenancy/residential-tenancies/policy-guidelines/gl17.pdf
Department of consumer affairs. (2010). California Tenants: A Guide to Residential tenants and Landlords’ Rights and Responsibilities. Retrieved 9/11/2018 from https://www.achhd.org/documents/California-Tenants-Guide.pdf
McDonagh, M. (2018, 8 th ed.). Chapter 3: Security Deposits and Last Month's Rent. Legal Tactics: Tenants' Rights in Massachusetts , pp. 37-58. MassLegalHelp.org/SecurityDeposits, Massachusetts. Retrieved 9/11/2018 from https://www.masslegalhelp.org/housing/lt1-chapter-3-security-deposit.pdf
Wisconsin Department of Agriculture, Trade and Consumer Protection Bureau of Consumer Protection. (2016). Landlord Tenant Guide. Retrieved 9/11/2018 from https://datcp.wi.gov/Documents/LT-LandlordTenantGuide497.pdf
