Texas Deposit Agreement
Description
How to fill out Deposit Agreement?
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FAQ
Security Deposit Limit As a Texas landlord, you are free to charge whatever amount of security deposit you like. That being said, most landlords in Texas understand the value of not overcharging their tenant.
In Texas, the maximum security deposit amount that can be charged is three times the monthly rent. For example, if landlords charge a monthly rent of $1,200, the maximum security deposit amount is $3,600. And this is determined by whether or not the stated residence is furnished.
If the tenant moved out and the security deposit or itemized list of deductions is not mailed to them within 30 days of moving out, they can sue. Section 92.109 allows the tenant to sue the landlord to recover ?three times the portion of the deposit wrongfully withheld? plus other fees.
Under Texas law, you must give the landlord a forwarding address in order to receive your returned security deposit. The landlord must return your deposit ? less any amount deducted for damages ? within 30 days.
Section 92.104 of the Texas Property Code describes what a landlord may deduct from a security deposit: Before returning a security deposit, the landlord may deduct from the deposit damages and charges for which the tenant is legally liable under the lease or as a result of breaching the lease.
Since Texas security deposit laws don't provide a set limit that landlords can charge for a security deposit, they can technically charge astronomical amounts for this initial payment. This article provides a quick summary of security deposit laws in Texas.
Myth: A landlord or manager must return a deposit to hold an apartment if the tenant decides not to take it. Truth: Many application agreements allow the landlord to keep the entire deposit if the tenant is approved and then the tenant decides not to sign the lease.
Most landlords require tenants to pay a security deposit A security deposit is money, usually 1 to 2 month's rent, that a landlord holds in case the tenant causes any damage to the rental unit or breaks the lease and doesn't pay rent.
