security deposit? what is that?

Question

these days, i'm looking for a roommate.
but i heard there is a security deposit. but i don't know what it is.
when i moved into this room, (a room for rent, $450/month)
i gave $450 the owner. is this the same with a security deposit? do i have to pay this, even to a roommie?
is it common?

(sorry, i'm not a native so i don't know well about your culture and English. but plz answer me!!!!!!!!!)

Answer 1

A security deposit is money the renter pays to the landlord before they move in. Not all landlords require a security deposity, but most do. This is in addition to the rent money - some landlords want you to pay the last month's rent as well as the first month when you move in, so just getting into a rental can be an expensive deal; in my state (Washington), the landlord can also require a nonrefundable fee that will be used to clean the carpets after you move out, and a nonrefundable background screening fee before they sign the rental agreement. The landlord holds the security deposit as surety in case the tenant moves out without paying rent or if there is damage to the unit beyond normally expected wear and tear; the deposit can also be used for cleaning if the tenant leaves the place dirty, and for replacement of items such as keys and remote controllers if they are not returned. If the renter gives proper notice before moving, has their rent paid up, and doesn't leave the place damaged or dirty, they are entitled to a full return of their security deposit.

It is much less common to pay a security deposit to a roommate, but not unheard of - they probably had to pay security to the landlord, and if YOU cause damage or don't pay rent this would be the only remedy your roomie would have. Getting to know somebody before you agree to share a place with them would be a good idea, but still no guarantee of what they'll actually be like to live with (do they pay their bills? do they want to play loud music or TV when you need to sleep? are they total slobs or neat freaks? Just a few things you might what to know.).

Answer 2

There should have been some written agreement when you moved in. Normally you will pay the first and last months rent and also give a security deposit. The security deposit is normally equal to one months rent. The security deposit should be used only for the security of the room/apartment. If you vcause damage to the room/apartment it should be taken from this deposit. Normal wear and tear, the need for normal painting and/or carpet replacement is not considered damage and is not part of this deposit. You should agree on the condition of everything on the day you move in, then you compare the day you leave to the move-in list to see what if anything has been damaged. The result is then taken from the deposit. Hope this helped some.pp

Answer 3

A security deposit is usually equal to a months rent and is returned to you at the end of the lease as long as you have not broken anything and the apartment is clean when you leave. A roomate may ask for a security deposit, but not all will. If you have to pay a security deposit make sure you are also signing a lease. That way there is proof that you paid and that the money should be returned when you move out.

Answer 4

You pay a monthly rate, which is your 'rent' and also before you move in there's the security deposit which is basically a prepayment that the landlord holds for you.

It is anywhere from a full month's rent on down to maybe half that, and you get it back when you move out provided you didn't damage the apartment. The landlord holds the security deposit for you the entire time you live there, and if he has to repair anything when you're ready to move out, the money it takes to fix it comes out of the deposit. This would have to be stuff that you damaged, not general maintenance or standard stuff like painting which he'd have to do anyway.

I had to put down an extra deposit for my cats at one place, which was returned to me when I left.

Yes, it's a standard practice. You sign a paper that says how much you paid for the security deposit, and he keeps one copy, you get the other. The writing on the paper spells out what it's for. And then when you give notice that you're moving, he's supposed to return your money to you.

This helps the landlord also, just in case people skip out on the last month without paying the last month's rent, he keeps the security deposit to cover the rent that wasn't paid.

Answer 5

Most landlords require a security deposit to cover damages and cleaning to whatever is being rented. If you leave the apartment/house/room as you found it, you will generally receive this money back when you move out. If the lease is under your name only, requiring a similar deposit from a roommate makes sense. That way, if the roommate trashes anything, you don't have to pay for out of your money. You may also want to consider requiring one month's rent in advance, so they don't move out and stick you with the rent. If the utilities are only in your name, same thing. Protect yourself - even the nice ones can get nasty when it comes to money. You might want to investigate a renter's contract. You can probably google this, or ask a local attorney (should not be a fee just for the information.) Good luck!

Answer 6

In my area, a security deposit is this: when you move into an apartment, you give the apartment manager one half of your monthly rent which in your case would be $225. This is given in case you do any damage to the apartment. if you leave the apartment in good condition, you will get your security desposit back. I have not heard of anyone not having to pay the security deposit. Talk to the owner and ask him/her if the $450. you paid was for your month's rent or for a security deposit. If you have a roomie, he should pay 1/2 of the security deposit, I think. He should definitely pay half of the rent and half of any utility bills.

Answer 7

A security deposit is what you give to your landlord usually is a month or sometimes even a month and a halfs rent before you actually move in and start paying your "actual rent". At the end of your lease if the apartment is in good condition and you did not ruin anything then they will return your deposit.

Answer 8

A security deposit is money that the tenant pays to the landlord. It provides monetary security to the landlord, in case of damage to the apartment or failure by the tenant to comply with the agreement (such as moving out before the lease ends). The tenant receives the deposit back at the end of the lease, minus any deductions for repairs / restoration.

Answer 9

a security deposit is a fee you pay to insure that you wont tare the house or apartment up. and if you do then they will use the deposit to pay for the damage. so i guess if you are moving in with someone else then they might ask for a security deposit so in case you destroy the room or you decide to move out early. they have that money to pay for the damage or the bills if you move out and don't pay. but if someone moves in with you then you don't pay them. also if you complete your lease. and keep the house or apt in good shape then you will get the deposit back....... No its not rent

Answer 10

the security deposit would be additional to rent. It is a way for the landlord to ensure that you don't damage the property and if you do, that he has a way to recoup the cost to repair it. Check your lease if you have one to see if a security deposit is required.