What’s security deposit
Security Deposit is money that a landlord collects from a tenant and holds in case the tenant fails to pay the rent or does not pay for damage the tenant has caused to the rental unit. Security Deposit must be refundable.
How landlords May Use Security Deposit
Landlords may use the deposit to do the following
- To repair the damage to the rental unit caused by the tenant(except for “ordinary wear and tear”)
- To clean the rental unit
- To remedy defaults in rent payment
- To pay for the tenant’s failure to restore or replace the landlord’s personal property (if the rental agreement allows it).
Kong Property Management Group provides property management and leasing services to the greater part of Silicon Valley. We specialize in single-family homes, condos, townhomes, duplexes, as well as apartment buildings. Based in San Jose, Kong Property Management Group is a local and family-owned business with over 15 years of combined experience in residential property management, real estate sales, and appraisal.