Security Deposit
Definition of "Security deposit"
Prepayment to a landlord for refurbishing the unit beyond what would be anticipated from customary wear and tear. It is like a damage deposit. The security deposit may be refunded at the end of the lease provided the premises are satisfactory.
Popular Real Estate Terms
Certificate usually granted by a jurisdictions building department certifying a specified premise has satisfactorily complied with all zoning and building ordinances. This certification is ...
Lease where, in addition to the rent, the lessee pays the taxes, insurance, and maintenance. As a guarantee for the lessor, the lessee posts a bond payment equivalent to one year's tax, ...
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