A security deposit is a sum of money the tenants give to their landlords before moving into a rental property. The landlords use this money to cover damages and unpaid rent. In Chicago, the tenants must pay a security deposit. But some people here are still unaware of many things about it. And that’s what this article has discussed. However, in this article, you will come across a few crucial things about security deposit in Chicago. So, before you rent a property, take a look at the following passage. A few crucial things to know about the security deposit Read the following points attentively before you move into rent a property. 1. Do the landlords return security deposit? Yes, the landlords return a security deposit to their tenants except in certain cases. These include: • If any damage occurs in a property because of a tenant. • If you don't pay the monthly rent properly. 2. Do the landlords keep this money in a special account? Yes. The landlords keep the security deposit in another account separated from their other accounts. If you ask your landlord about it, he will not hesitate to tell you the bank name and account number. Hence, you don’t need to worry about the safety of your money. 3. Will your landlord return your security deposit with interest? It depends on the type of property you live in. If you reside in subsidized housing, your landlord may pay interest on your money. Otherwise, he will not give. 4. What kind of notice do you need to give before moving out? Each tenant must read the lease attentively. And pay close attention to the section of moving out and giving notice. However, as a tenant, you need to give your landlord a 30 day written notice. And keep a copy of it to yourself. 5. When will you get your security deposit back? According to a rental agreement, the landlord should return the money within 30 days after a tenant moves out. But if a tenant doesn’t have a written lease, it should be given back within 21 days after a tenant vacates a property. If you face any difficulties to get your security deposit back, you must take a lawyer’s help. Appoint a lawyer form here
Make contact Mark Silverman Law Office Ltd. From this law firm, you can appoint a lawyer regarding security deposit in Chicago. Click on depositlaw.com to know more in this respect.
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