Security Deposit For Agreement
Description
How to fill out Addendum To Apartment Lease Regarding Security Deposit?
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FAQ
A security deposit agreement is an agreement between a landlord and a tenant where the tenant deposits a specific amount of money with the landlord at the time the lease is signed. This security deposit is usually an amount between and three months of rent.
Many landlords do accept rent and security deposit payments via personal check.
A Security Deposit Receipt provides proof that payment of a security deposit was made and received by the landlord, and it documents the amount that was paid, when it was paid, who made the payment, and the method of payment.
In Michigan, a landlord cannot charge more than one and a half (12) times your monthly rent for a security deposit. So, for example, if you pay $500.00 a month in rent, the landlord cannot ask for more than $750.00 as a deposit.
Include the details of the deposit agreement, including the amount, when it's due, and what it covers. Specify any additional terms for the deposit, including how the deposit will be handled if the deal falls through. Be sure to include the signatures of both parties to make it a legally binding document.
