Pet Deposit is now Part of Security Deposit

Pet Deposit is now Part of Security Deposit

By Michael Louis

In leasing property, there is such a thing called security deposits. In general, these are collected by the landlord at the beginning of the lease period for the exclusive use of paying for repairs caused by normal wear and tear, unpaid rents and fees related to the preparations needed for the property to be ready for occupancy of the next tenants. On the other hand, the remaining balance is usually returned to the tenant at the end of the lease period as agreed upon on the contract which includes the earning of interest. This return of deposit can also be treated as a motivation on the part of the tenant to avoid causing damages to the unit since moving out will entail a good deal of money to scout for the next home.

The steady deterioration of the unit or property, be it the floor, paint, window and other things on normal conditions, is considered normal or fair wear and tear. These will certainly be covered by such deposits. However, anything that exceeds normal wear and tear will be considered damages which the tenant will be financially responsible for. Damages are usually caused by unreasonable use of the property and accidents.

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