Addendum to apartment lease concerning security deposit.
District of Columbia Addendum To Apartment Lease regarding Security Deposit
State:
Multi-State
Control #:
US-895LT
Format:
Word;
Rich Text
Instant download
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FAQ
Security deposits are not a part of the monthly rent. A security deposit is a set amount of money paid at the start of renting a place. This sum of money is held by the landlord throughout the rental agreement or lease. It pays for any damage the renter caused in the unit until the end of the lease period.
Failure to Return Security Deposit as Required: If the landlord refuses or fails to return the security deposit or provide the list of deductions within the 21 days, the landlord forfeits 4 any right to retain any part of the security deposit and may be made to pay the security deposit plus up to double 5 the
A tenant is entitled to interest on the security deposit if the duration of the tenancy was at least twelve months.
A lease clause is a specific part of a contract or rental agreement between the landlord and tenant. These clauses need to be compliant with local state laws and other agreements between the two parties.
The security deposit is refundable to the tenant once the lease period is over or when the tenant opts out of the premises for some reason or the other by serving a notice to the landlord. A rental deposit is generally a safeguard for the landlord against any damages made to the premises by the tenant.
The Security Deposit clause requires the payment of a security deposit to protect, in the case of real property, the Landlord from the Tenant's non-payment of rent and from damage to the property, or in the case of personal property, the Lessor from the Lessee's non-payment or damage to the property.
If the landlord does not return the security deposit at this time, the tenant can take legal action against the landlord. Any money taken from the deposit must be recorded in an itemized list that shows exactly how those funds were used.
Under D.C. law, a landlord must return the tenant's security deposit, along with an itemized statement of deductions, within 45 days after the tenant has surrendered the rental property to the landlord (that is, returned the keys and vacated the property).
The landlord can adjust the security deposit against any arrears of rents or other charges as agreed under the tenancy agreement.
The agreement should clearly mention the amount of rent that you have to pay each month and the due date by which it has to be paid. In most cases, landlords ask for a security deposit which is usually equal to one or two months' rent amount. Mention the security amount in the agreement and when it will get refunded.
