WHAT IS A SECURITY DEPOSIT?
A security deposit is money held by a property owner/manager for the duration of a rental agreement as security for loss or damages. It can be refundable or non-refundable, but its refundability must be disclosed in the lease agreement. At the termination of a lease, a refundable security deposit will be returned to the tenant if the tenant has upheld his end of the contract, given appropriate notice, and left the property in rentable condition. A security deposit may be partially refunded if any work has to be done to bring the property back pre-contract condition.
WHEN WILL YOU GET IT BACK?
Legally, landlords/property managers have 30 days to refund deposits after the termination of a lease, but that time increases if there are tenant-caused issues with the property WYO STAT. 1-21-1208
This is a blog run by RoundTop Real Estate, LLC in Thermopolis, WY. We have plans to update our readers on the current market, tips and tricks for home buyers and sellers, and this will also be a place for us to post our favorite things about Thermopolis and the surrounding area.
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Kerri and Mark Manig, Broker
508 Arapahoe ST
Thermopolis, WY 82443