A security deposit is a financial safeguard for the landlord that the tenant pays in advance upon signing the lease. The deposit is intended to cover any damage or unpaid rent that may occur during the lease term. The amount of the security deposit is typically specified in the lease agreement and may not exceed three months’ rent. At the end of the tenancy, the security deposit is returned, provided there are no outstanding claims. The landlord has the right to use the security deposit to settle claims if the tenant has failed to fulfill their obligations.
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