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Generally, a buyer will deposit 1% to 2% of the purchase price in earnest money, but that amount can be higher depending on your agreement.

Earnest money is money paid to the landlord to hold the apartment/house pending the application process. The landlord has 3 days, however, this can be extended in writing up to 21 days. If a landlord approves the application, the prospective tenant is legally obligated to enter into a lease.

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.

A seller can also add a ?time is of the essence? clause into the purchase agreement. This means the closing date for the sale is binding. If the buyer can't close for any reason, the contract is breached and the seller can keep the earnest money deposit.

A key deposit is a refundable charge paid by a prospective tenant that enables them to take the keys to a property and inspect it independently. A receipt for the deposit must be issued, and the funds refunded as soon as the keys are returned.

If the deposit was made in connection with an application for a rental, it may or may not be refundable depending on the terms printed on the application. If the deposit was made towards payments due under a lease that was never signed then it must be returned to you.

Earnest money is a deposit made to a seller that represents a buyer's good faith to make a purchase such as the acquisition of a new home. The money gives the buyer extra time to get financing and conduct the title search, property appraisal, and inspections before closing.

As mentioned before, technically, in most cases the security deposit is not required prior to lease signing. However, there are some landlords or management companies who will not consider your application until they also have the security deposit. Furthermore, putting down the security deposit can help you.

Things like small scuffs on floors, worn carpet, or chipped paint are nearly always viewed as normal wear and tear, while large holes in walls or pet-stained carpets are typically seen as damage. If you're in doubt about specific situations, it's always best to defer to your lease agreement.

The Civil Code of Quebec stipulates that the landlord may ONLY ask for the first month of rent or a portion of the first month's rent of as a form of deposit. This money may be requested in advance and cashed before you move into the apartment, however you should only pay after you have signed your lease.