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