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There are three main types of deposits involved in renting property:

  • Application deposits
    • An application deposit is money you may be asked to pay in advance at the time you complete a rental application.
    • If your application is not approved, the deposit is refundable in most cases. However, depending on the application you fill out, the deposit may not be refunded if you are accepted but decide not to move in, you fail to tell the truth on your application, or for certain other reasons.
  • Security deposits
    • A security deposit is money you pay in advance to offset the cost of any damages to the property while you are living there.
    • You’ll be expected to pay a security deposit when you first move in. Often an application deposit is applied to your security deposit.
  • Pet or animal deposits
    • An animal deposit (sometimes called a pet deposit) is additional money you are asked to pay in advance to offset any damages caused by an animal during the time you are renting the property.
    • If you’ll be moving in with a pet, you can expect to pay a pet or animal deposit.
    • An animal deposit is basically an additional security deposit.
    • A portion of the fee you pay may be non-refundable and used to cover costs for de-fleaing and cleaning your property.
  • Other deposits
    • In addition to the deposits you’ll be expected to pay the property owner, you may also be required to give deposits for utility services. Utility deposits may vary depending on your history of payment, expected usage and the policies of the various utility companies.

TAA on renting basics

Posted by: Leasing Texas on December 1, 2014
Posted in: Landlords, Tenants